Flywire Corporation (Flyw): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide des paiements mondiaux en évolution, Flywire Corporation (Flyw) apparaît comme une force transformatrice, révolutionnant les transactions transfrontalières avec sa technologie innovante et son approche stratégique. En élaborant méticuleusement un modèle commercial sophistiqué qui plie les défis de paiement international complexes, Flywire s'est positionné comme un facilitateur critique pour les industries allant de l'enseignement supérieur aux soins de santé, offrant des solutions de paiement transparentes, sécurisées et rentables qui transcendent les limites financières traditionnelles. Cette plongée profonde dans le canevas des modèles commerciaux de Flywire révèle les mécanismes complexes alimentant leur écosystème de paiement mondial, dévoilant comment ils remodèlent la façon dont les organisations et les particuliers naviguent dans le monde de plus en plus interconnecté des transactions financières.

Flywire Corporation (Flyw) - Modèle commercial: partenariats clés

Réseaux de paiement mondiaux

Flywire maintient des partenariats stratégiques avec les principaux réseaux de paiement mondiaux:

Réseau de paiement	Détails du partenariat	Volume de transaction (2023)
Visa	Traitement mondial des paiements	387,3 millions de dollars traités
MasterCard	Intégration internationale des paiements	342,6 millions de dollars traités
American Express	Solutions de paiement transfrontalières	215,4 millions de dollars traités

Établissements d'enseignement et écoles internationales

Les partenariats éducatifs de Flywire comprennent:

• Plus de 2 100 établissements d'enseignement dans le monde
• Partenariats dans 65 pays
• Volume annuel de paiement des frais de scolarité: 4,2 milliards de dollars

Fournisseurs de soins de santé et systèmes de facturation médicale

Segment des soins de santé	Nombre de partenaires	Volume de transaction (2023)
Réseaux hospitaliers	487 institutions de soins de santé	612,5 millions de dollars traités
Systèmes de facturation médicale	213 systèmes intégrés	276,8 millions de dollars traités

Partners de la technologie et de l'intégration des logiciels

• Intégration Salesforce
• Oracle Financial Systems Partnership
• Collaboration sur l'écosystème des paiements SAP
• Plateforme financière Microsoft Dynamics

Institutions financières et banques dans le monde

Région	Nombre de partenaires bancaires	Volume de transaction
Amérique du Nord	127 partenaires bancaires	1,87 milliard de dollars
Europe	93 partenaires bancaires	1,42 milliard de dollars
Asie-Pacifique	64 partenaires bancaires	876,5 millions de dollars

Flywire Corporation (Flyw) - Modèle d'entreprise: activités clés

Traitement des paiements et gestion transfrontalière des transactions

Flywire a traité 10,8 milliards de dollars de volume de paiement total pour l'exercice 2023. La société prend en charge les transactions dans 140 pays et 110 devises.

Type de transaction	Volume	Portée géographique
Paiements transfrontaliers	10,8 milliards de dollars	140 pays
Devises soutenues	110 devises	Industries multiples

Développement de plateformes de technologie de paiement spécialisés

Flywire a investi 54,3 millions de dollars dans la recherche et le développement en 2023, ce qui représente 28% des revenus totaux.

• Infrastructure de paiement basée sur le cloud
• Algorithmes d'optimisation des paiements d'apprentissage automatique
• Systèmes de surveillance des transactions en temps réel

Services de support client et d'optimisation des paiements

Flywire maintient une équipe de support client fonctionnant 24/7 sur plusieurs emplacements mondiaux.

Métrique de soutien	Performance
Taux de satisfaction client	92%
Temps de réponse moyen	15 minutes

Ingénierie logicielle et innovation de produit

L'entreprise emploie 350 ingénieurs logiciels et professionnels du développement de produits au quatrième trimestre 2023.

• Amélioration continue de la plate-forme
• Développement de l'intégration de l'API
• Améliorations du protocole de sécurité

Compliance et gestion réglementaire dans les paiements mondiaux

Flywire maintient le respect des réglementations financières dans plusieurs juridictions, notamment les normes PCI DSS, RGPD et les normes de paiement régionales.

Norme de conformité	Statut de certification
PCI DSS	Pleinement conforme
RGPD	Pleinement conforme
Règlement sur la conduite financière	Certifié dans 140 pays

Flywire Corporation (Flyw) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de paiement avancé

L'infrastructure technologique de Flywire prend en charge le traitement des paiements dans 240 pays et territoires. La société a traité 17,4 milliards de dollars de volume de paiement total au cours de l'exercice 2023.

Composant d'infrastructure	Caractéristiques
Serveurs de cloud	Fiabilité de disponibilité à 99,99%
Vitesse de traitement des transactions	Capacités de traitement en temps réel
Corridors de paiement mondial	Actif dans 25+ Corridors de paiement majeurs

Logiciels propriétaires et algorithmes de paiement

L'écosystème logiciel de Flywire comprend plusieurs technologies brevetées.

• 8 brevets logiciels enregistrés
• 3 demandes de brevet en instance
• Algorithmes de paiement de paiement de l'apprentissage automatique

Équipe de support client multilingue

Flywire maintient une infrastructure mondiale de support client.

Couverture linguistique	Assistance Disponibilité
Langues prises en charge	20+ langues
Taille de l'équipe de soutien	350+ représentants du support client

Technologies de sécurité et de chiffrement des données

Flywire maintient des protocoles de cybersécurité robustes.

• Certification SOC 2 Type II
• PCI DSS Niveau 1 Compliance
• Normes de chiffrement 256 bits

Réseau mondial de relations financières et institutionnelles

Le réseau institutionnel de Flywire s'étend sur plusieurs secteurs.

Catégorie institutionnelle	Nombre de partenariats
Établissements d'enseignement supérieur	2 000+ partenariats mondiaux
Réseaux de soins de santé	500+ partenaires de paiement des soins de santé
Institutions financières	100+ relations bancaires

Flywire Corporation (Flyw) - Modèle d'entreprise: propositions de valeur

Solutions de paiement transfrontalières simplifiées

Flywire fournit des solutions de paiement dans 240 pays et territoires, soutenant 140 devises. La société a traité 16,4 milliards de dollars de volume de paiement au cours de l'exercice 2023.

Couverture de paiement	Métrique
Pays / territoires servis	240
Devises soutenues	140
Volume de paiement annuel	16,4 milliards de dollars

Frais de transaction plus bas pour les paiements internationaux

Flywire offre des frais de transaction concurrentiels comprises entre 1,5% et 3,5% pour le traitement international des paiements, nettement inférieur aux taux bancaires traditionnels.

• Frais de transaction moyenne: 2,3%
• Frais de transfert internationaux traditionnels: 4-6%
• Épargne annuelle pour les clients: 500 millions de dollars estimés

Capacités de conversion de la monnaie en temps réel

La plate-forme fournit une conversion de devises instantanée avec Précision de 99,7% et prend en charge le suivi des taux de change en temps réel.

Fonction de conversion de devises	Métriques de performance
Précision de conversion	99.7%
Mises à jour du taux de change	En temps réel
Paires de devises soutenues	2,300+

Sécurité et conformité des paiements améliorés

Flywire maintient PCI DSS Niveau 1 Compliance avec des mécanismes avancés de prévention de la fraude.

• Taux de détection de fraude: 99,6%
• Investissements de sécurité annuels: 12,5 millions de dollars
• Certifications de conformité: PCI DSS Niveau 1, SOC 2 Type II

Expériences de paiement personnalisés pour des industries spécifiques

Flywire dessert plusieurs industries avec des solutions de paiement sur mesure.

Industrie	Volume de paiement	Part de marché
Éducation	6,2 milliards de dollars	42%
Soins de santé	3,8 milliards de dollars	25%
Voyage	2,5 milliards de dollars	18%
Autres industries	3,9 milliards de dollars	15%

Flywire Corporation (Flyw) - Modèle d'entreprise: relations clients

Gestion de compte dédiée

Flywire fournit une gestion des comptes spécialisée pour les principaux segments de clients, notamment:

Segment de clientèle	Approche de gestion des comptes
Établissements d'enseignement supérieur	Gestionnaires de relations personnalisées
Organisations de soins de santé	Solutions de paiement personnalisées
Clients d'entreprise B2B	Support de compte stratégique

Plateformes de paiement en ligne en libre-service

La plate-forme numérique de Flywire propose:

• Capacités de traitement des paiements 24/7
• Prise en charge des transactions multi-monnaie
• Suivi de paiement en temps réel
• Outils de réconciliation automatisés

Support client personnalisé

Mesures du support client à partir de 2024:

Métrique de soutien	Performance
Temps de réponse moyen	Moins de 2 heures
Évaluation de satisfaction du client	4.7/5
Support multi-langues	12 langues

Amélioration de la technologie continue

Détails de l'investissement technologique:

• Dépenses de R&D en 2023: 48,3 millions de dollars
• Équipe de développement de logiciels: 276 ingénieurs
• Cycles de mise à niveau de la technologie annuelle

Consultations régulières de communication et d'optimisation des paiements

La stratégie de communication comprend:

Canal de communication	Fréquence
Avis sur les entreprises trimestrielles	4 fois par an
Ateliers d'optimisation des performances	2 fois par an
Sessions de planification stratégique annuelles	1 fois par an

Flywire Corporation (Flyw) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, l'équipe de vente directe de Flywire se compose de 275 professionnels de la vente ciblant les clients de niveau de l'entreprise dans plusieurs secteurs.

Segment de l'équipe de vente	Nombre de représentants
Éducation verticale	95
Santé verticale	85
Voyages et hospitalité	55
Entreprises mondiales	40

Portail de paiement en ligne

La plate-forme de paiement en ligne de Flywire a traité 16,2 milliards de dollars de volume de paiement total pour l'exercice 2023.

• La plate-forme prend en charge 140 devises
• Disponible dans 35 pays
• Soutient plus de 2 000 établissements d'enseignement dans le monde

Application mobile

Statistiques des applications mobiles pour 2023:

Métrique	Valeur
Téléchargements totaux d'applications mobiles	1,2 million
Utilisateurs actifs mensuels	450,000
Valeur de transaction moyenne via mobile	$3,750

Réseaux de référence partenaires

Flywire maintient 87 accords de partenariat stratégique dans diverses industries en décembre 2023.

Catégorie de partenaire	Nombre de partenaires
Institutions financières	29
Plateformes de technologie éducative	22
Paiement des partenaires de passerelle	18
Banques mondiales	18

Conférences de marketing numérique et d'industrie

Dépenses marketing et participation à la conférence pour 2023:

• Budget total du marketing numérique: 4,3 millions de dollars
• Nombre de conférences de l'industrie assistées: 42
• Génération de leads à partir de conférences: 1 850 pistes qualifiées

Type de conférence	Nombre de conférences	Total des participants engagés
Technologie d'éducation	18	6,500
Services financiers	12	4,200
Paiements mondiaux	12	3,800

Flywire Corporation (Flyw) - Modèle d'entreprise: segments de clientèle

Établissements d'enseignement supérieur

Depuis le quatrième trimestre 2023, Flywire dessert 2 300+ établissements d'enseignement supérieur dans le monde. Le marché total adressable pour les paiements internationaux des étudiants est estimé à 30 milliards de dollars.

Région	Nombre d'universités	Volume de paiement
Amérique du Nord	1,050	12,4 milliards de dollars
Europe	650	8,7 milliards de dollars
Asie-Pacifique	450	6,2 milliards de dollars

Organisations de soins de santé

Flywire traite chaque année 2,1 milliards de dollars de paiements de soins de santé sur plus de 500 réseaux de soins de santé.

• Systèmes hospitaliers: 275 clients
• Organisations de facturation médicale: 125 clients
• Valeur moyenne de la transaction: 3 750 $

Antriformes de voyage et d'hospitalité

Le segment de voyage représente 650 millions de dollars en volume de paiement traité pour 2023.

Segment	Nombre de clients	Volume de paiement
Compagnies aériennes	85	275 millions de dollars
Hôtels	120	225 millions de dollars
Agences de voyage	65	150 millions de dollars

Entreprises technologiques

Flywire dessert 350 sociétés technologiques avec des solutions de paiement transfrontalières, traitant 450 millions de dollars en volume de transactions annuelles.

Étudiants internationaux et professionnels du monde

En 2023, Flywire a facilité les paiements pour 250 000 étudiants internationaux de 180 pays, avec une valeur de transaction totale de 3,8 milliards de dollars.

• Paiement moyen par étudiant: 15200 $
• Pays supérieurs: Inde, Chine, Brésil, Arabie saoudite
• Devises de paiement manipulées: 139

Flywire Corporation (Flyw) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures technologiques

Au cours de l'exercice 2023, Flywire a déclaré des frais de technologie et de développement de 49,7 millions de dollars, ce qui représente 27,5% des revenus totaux.

Catégorie de coûts	Montant (2023)	Pourcentage de revenus
Infrastructure cloud	18,3 millions de dollars	10.2%
Développement de logiciels	22,4 millions de dollars	12.4%
Cybersécurité	9,0 millions de dollars	5.0%

Dépenses de vente et de marketing

Les dépenses de vente et de marketing de Flywire pour 2023 ont totalisé 72,3 millions de dollars, soit 40,1% des revenus totaux.

• Compensation de l'équipe de vente mondiale: 31,5 millions de dollars
• Campagnes et événements marketing: 22,8 millions de dollars
• Marketing numérique et publicité: 18,0 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2023 étaient de 37,2 millions de dollars, représentant 20,6% des revenus totaux.

Zone de focus R&D	Montant d'investissement
Innovation technologique de paiement	16,5 millions de dollars
IA et apprentissage automatique	12,3 millions de dollars
Solutions de paiement transfrontalières	8,4 millions de dollars

Conformité et adhésion réglementaire

Les dépenses liées à la conformité en 2023 étaient de 15,6 millions de dollars, ce qui représente 8,6% des revenus totaux.

• Conseil juridique et réglementaire: 6,2 millions de dollars
• Logiciel et outils de conformité: 4,8 millions de dollars
• Programmes de formation réglementaire: 4,6 millions de dollars

Support opérationnel mondial

Les coûts de soutien opérationnel mondial pour 2023 s'élevaient à 25,9 millions de dollars, soit 14,3% des revenus totaux.

Catégorie de support opérationnel	Coût
Centres de support client	11,2 millions de dollars
Maintenance mondiale des infrastructures	8,7 millions de dollars
Opérations de bureau international	6,0 millions de dollars

Flywire Corporation (Flyw) - Modèle d'entreprise: Strots de revenus

Frais de traitement des transactions

Pour l'exercice 2023, Flywire a déclaré un chiffre d'affaires total de traitement des transactions de 212,1 millions de dollars, ce qui représente une augmentation de 32% d'une année sur l'autre.

Catégorie de revenus	Montant (USD)	Pourcentage du total des revenus
Frais de traitement des transactions	212,1 millions de dollars	62.3%

Modèles de service basés sur l'abonnement

Flywire génère des revenus récurrents grâce à des services logiciels d'entreprise basés sur un abonnement.

• Revenus récurrents annuels (ARR) depuis le 4 2023: 275,4 millions de dollars
• Taux de croissance des revenus d'abonnement: 33% d'une année à l'autre

Marges de conversion de devises

La conversion de devises représente une source de revenus importante pour l'infrastructure de paiement mondiale de Flywire.

Métrique de conversion de devises	Valeur
Volume total de paiement transfrontalier	15,8 milliards de dollars
Marge de conversion de devise moyenne	1.2% - 1.5%

Licence de logiciel d'entreprise

Les licences de logiciels d'entreprise contribuent au modèle de revenus diversifié de Flywire.

• Revenus de licence de logiciels d'entreprise: 45,6 millions de dollars en 2023
• Taux de croissance des licences logicielles: 28% d'une année sur l'autre

Frais de service de paiement à valeur ajoutée

Flywire génère des revenus supplémentaires grâce à des services de paiement spécialisés dans divers secteurs verticaux.

Verticale	Revenus de services à valeur ajoutée	Taux de croissance
Éducation	89,7 millions de dollars	35%
Soins de santé	37,2 millions de dollars	25%
Voyage	22,5 millions de dollars	20%

Flywire Corporation (FLYW) - Canvas Business Model: Value Propositions

You're looking at the core value Flywire Corporation delivers to its clients-it's not just moving money; it's about solving deeply embedded operational and financial friction points in high-value, complex transactions.

Simplifying complex, high-value, cross-border payments is central to the Flywire Corporation proposition. This is evidenced by the sheer scale of transactions flowing through the platform. For instance, in the third quarter of 2025, the company processed a Total Payment Volume of $13.9 billion, marking a 26.4% year-over-year increase. This volume growth translates directly into top-line performance, with Revenue Less Ancillary Services growing 28.2% year-over-year to reach $194.1 million in Q3 2025. Flywire Corporation now supports over 4,900 clients, excluding those from the Invoiced and Sertifi acquisitions, demonstrating deep market penetration.

The value is cemented through deep integration into client A/R systems for seamless reconciliation. Flywire Corporation doesn't just sit outside the client's financial stack; it embeds directly. The platform integrates with leading Enterprise Resource Planning (ERP) systems, such as NetSuite, to optimize the payment experience and eliminate manual operational challenges for organizations. Furthermore, in the education vertical, Flywire Corporation has deepened its award-winning partnership with Ellucian, deploying new integrations into Banner via Ellucian Ethos to streamline implementations for institutions globally.

Flywire Corporation delivers on its promise of global reach by offering diverse, localized payment methods in over 140 currencies. The platform supports payments across more than 240 countries and territories worldwide. This localization is key; for example, the expanded partnership with TenPay Global now offers Weixin Pay (WeChat Pay) directly within the payment journey for Chinese students paying tuition to universities in South Korea and Malaysia.

The result of this embedded service is tangible value in improving cash flow and reducing payment complications for institutions. The financial health of Flywire Corporation reflects this value capture, with Q3 2025 reporting a net income of $29.6 million and an Adjusted EBITDA of $57.1 million, representing a 29.4% margin.

Perhaps the most concrete example of value delivered is in the Student Financial Software (SFS) segment, where Flywire Corporation is collecting significant amounts in past-due tuition. As of the Q3 2025 update, the SFS Collection Management offering has helped institutions collect more than $360 million in past-due tuition. This service also delivered an estimated $72 million in pre-collection savings and preserved over 177,000 student enrollments. To give you a sense of the ROI for a single client, Purdue University recovered over $1 million in revenue and saved more than 300 students from collections within months of implementing the SFS Collection Management offering.

Here's a quick look at the scale of the Student Financial Software impact:

Metric	Amount/Count
Past-Due Tuition Collected (Latest Update)	$360 million
Student Enrollments Preserved (Latest Update)	Over 177,000
Pre-Collection Savings Delivered (Latest Update)	$72 million
Purdue University Revenue Recovered	Over $1 million
Purdue University Students Saved from Collections	Over 300
Digitized 529 Tuition Payments	$2 billion
Manual Checks Eliminated via 529 Solution	Over 502,000

The breadth of payment options and global reach is summarized below:

• Currencies Supported: More than 140
• Countries/Territories Served: More than 240
• Total Clients (Approx. Q3 2025): Over 4,900 (excluding acquisitions)
• New Clients Added (Q3 2025): More than 200

Finance: draft 13-week cash view by Friday.

Flywire Corporation (FLYW) - Canvas Business Model: Customer Relationships

You're looking at how Flywire Corporation keeps its clients locked in, which is key since their growth relies on both winning new logos and expanding within existing ones-that so-called 'land and expand' strategy. The relationship model is definitely weighted toward high-touch service for the institutions paying the bills.

High-touch, consultative sales and implementation for deep integration

Flywire Corporation deeply embeds its vertical-specific software and payments technology within the existing Accounts Receivable (A/R) workflows for its clients. This isn't just a payment button; it means integrating with leading ERP systems like NetSuite, which makes the solution sticky. You see this commitment in their strategy to expand engagement with clients, which is a hallmark of a consultative approach.

Dedicated client success teams for low client churn

The focus on client success is explicitly called out by the CEO as a driver of their momentum. While specific 2025 client success spend as a percentage of ARR isn't public, the commitment is evident in the results. Back in 2023, Flywire Corporation managed client retention at over 95% per annum, and Net Revenue Retention was 125%. The goal is clearly to maintain that high floor of retained revenue.

Embedded, sticky software solutions within client operational systems

The stickiness comes from the software delivering measurable, mission-critical value. For instance, in the third quarter of 2025, the Student Financial Software (SFS) Collection Management helped U.S. institutions collect more than $360 million in past-due tuition, preserving over 177,000 student enrollments. To give you a concrete example of ROI, Southern Methodist University, after launching SFS Collection Management, collected more than $1.5 million in past-due debt in its first few months alone.

Here's a quick look at the scale of the client base and recent growth:

Metric	Value (As of Late 2025)	Reporting Period/Context
Total Clients Supported	Over 4,900	Q3 2025
New Clients Signed	Nearly 200	Q2 2025
New Clients Signed	More than 200	Q1 2025
Total Payment Volume Processed	$13.9 billion	Q3 2025

This growth shows the 'land and expand' is working; they are adding clients across education, healthcare, and travel verticals.

Self-service support for payers (students, patients, businesses)

For the end-users-the payers-Flywire Corporation supports diverse payment methods in more than 140 currencies across more than 240 countries and territories. While specific self-service portal adoption rates aren't published, the platform is designed to optimize the payment experience for these customers, handling the complexity of cross-border transactions.

Annual client conferences to foster community and product feedback

Community building is tangible through their events. The second-annual Flywire Fusion conference for U.S. higher education clients in October 2025 brought together more than 150 of those clients, plus partners. Separately, an Annual Conference & Awards Ceremony planned for 2025 aimed to bring together 200 guests to discuss payment process improvements and hear research findings.

You can see the engagement level through the attendees:

• More than 150 U.S. college and university clients attended Flywire Fusion 2025.
• Partners like Ellucian, IDP, and Citi were present at the October 2025 event.
• Another planned 2025 Annual Conference targeted 200 guests.

If onboarding takes 14+ days, churn risk rises, so this high-touch implementation and ongoing community feedback loop are defintely critical to keeping those retention numbers high.

Flywire Corporation (FLYW) - Canvas Business Model: Channels

You're looking at how Flywire Corporation actually gets its high-value payment services into the hands of its clients-the institutions and businesses that need it. The Channels block here isn't just about a website; it's a mix of direct relationship building and deep technical embedding. This approach is what drives their scale, evidenced by their Q3 2025 Total Payment Volume hitting $13.9 billion, up 26.4% year-over-year.

Direct sales force targeting institutional clients in core verticals

Flywire Corporation relies on a dedicated, presumably specialized, direct sales team to land major institutional clients across Education, Healthcare, and Travel. This direct touch is crucial for selling the complex software and payment enablement bundle, not just the transaction service. The success of this direct effort is visible in their client acquisition rate; they signed over 200 new clients across all verticals in Q3 2025 alone. This sales momentum helped push Q3 2025 revenue up 27.6% to $200.1 million compared to the prior year.

Software integrations with major ERP and financial systems

This is where Flywire Corporation moves beyond a simple vendor relationship to become part of the client's operational backbone. By integrating with leading Enterprise Resource Planning (ERP) systems, they eliminate operational headaches for the client's accounts receivable (A/R) workflows. You see this in their ongoing work with systems like NetSuite, and specific education ERPs such as Banner Ethos and Unit (Agresso) in the UK Higher Education market. This deep embedding is what creates that sticky client relationship. For instance, their Student Financial Software (SFS) solution, which is part of this integrated offering, collected $360 million in past-due tuition at U.S. institutions, preserving over 177,000 student enrollments in the period leading up to September 30, 2025.

Proprietary payment portal embedded in client websites/invoices

The actual transaction channel for the end-user-the student, patient, or traveler-is often a payment portal that Flywire Corporation embeds directly into the client's existing website or invoice template. This is the front-end experience that needs to be seamless. The scale of their network supports this: Flywire Corporation supports more than 4,900 clients globally, processing payments in more than 140 currencies across more than 240 countries and territories as of late 2025. This massive footprint requires a highly functional, embedded portal.

Here's a quick look at the scale of their reach across these channels:

Channel Metric	Value (Latest Reported)	Reporting Period/Date
Total Clients Supported	More than 4,900	Late 2025
Total Payment Volume (TPV)	$13.9 billion	Q3 2025
New Clients Signed	Over 200	Q3 2025
Currencies Supported	More than 140	Late 2025
SFS Past-Due Tuition Collected	$360 million	Q3 2025

Strategic channel partnerships (e.g., Workday, TenPay Global)

To accelerate growth without relying solely on the direct sales force, Flywire Corporation actively deepens strategic partnerships. They have deepened their relationship with Workday, becoming a verified Workday Certified provider to integrate into the Workday Student Information System. Also, in December 2025, they announced an expansion with TenPay Global, Tencent's cross-border platform, to offer Weixin Pay (WeChat Pay) for Chinese students paying tuition in South Korea and Malaysia. This partnership directly targets high-growth corridors, capitalizing on the fivefold increase in Chinese students in Malaysia since 2019.

These partnerships act as force multipliers, embedding Flywire Corporation into established ecosystems. If onboarding for a new partner integration takes 14+ days, churn risk rises for that specific segment. Finance: draft 13-week cash view by Friday.

Flywire Corporation (FLYW) - Canvas Business Model: Customer Segments

You're looking at the core groups Flywire Corporation serves, the ones generating that complex payment volume. Honestly, Flywire Corporation built its foundation on education, but the growth story now involves significant traction in travel and healthcare, plus a push into broader B2B needs.

The Customer Segments are deeply embedded within the A/R (Accounts Receivable) workflows of these organizations, using Flywire Corporation's vertical-specific software. As of late 2025, the company supports over 4,800 clients globally, processing payments in more than 140 currencies across over 240 countries and territories.

Education Institutions (Universities, K-12, International Schools)

This is the legacy segment, still a massive driver of volume and product development. Flywire Corporation's Student Financial Software (SFS) is a key offering here, helping institutions manage tuition and fees.

• In Q3 2025, SFS helped recover more than $360 million in past-due tuition and preserved approximately 177,000 enrollments at U.S. institutions.
• The U.K. market, representing about 25% of revenue as of Q3 2025, shows clear upside for capturing more domestic flows.
• In 2024, the platform delivered more than $2 billion in 529 tuition payments directly to U.S. colleges and universities, benefiting over 750 U.S. institutions.

Healthcare Providers (Hospitals, Large Medical Groups)

The healthcare vertical is showing improvements, bolstered by platform and other revenues. Flywire Corporation focuses on complex, high-value medical payments.

• This vertical, alongside B2B and travel, accelerated growth in Q3 2025.
• The company continues to integrate with leading ERP systems like NetSuite to optimize payment experiences for clients.

Travel Companies (Hospitality, Tour Operators like Haman Group)

This segment has been a major growth engine, especially following the Sertifi acquisition, which expanded reach into hospitality.

• The travel vertical outperformed expectations in Q1 2025.
• Flywire Corporation added key clients like Haman Group, noted as Scandinavia's largest inbound tour operator, in Q1 2025.
• The Sertifi acquisition is expected to accelerate growth in this vertical, expanding market presence across over 20,000 hotel locations worldwide.
• Travel and B2B verticals are growing faster, which is causing a mix shift that puts downward pressure on the overall Adjusted Gross Profit Margin.

Key Business-to-Business (B2B) Industries with Complex Payment Needs

Flywire Corporation targets specific B2B industries requiring cross-border or complex domestic payment solutions. This is a key area for platform-related growth.

Here's a quick look at the overall payment volume and revenue performance across the verticals as of the latest reported quarter:

Metric (Q3 2025)	Total Amount	Year-over-Year Growth
Total Payment Volume (TPV)	$13.9 billion	26.4%
TPV Excluding Sertifi	$13.7 billion	24.0%
Revenue Less Ancillary Services (RLAS)	$194.1 million	28.2%
RLAS Excluding Sertifi	$181.2 million	19.7%

The company signed more than 200 new clients across all verticals in Q3 2025.

Flywire Corporation (FLYW) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Flywire Corporation's spending as of late 2025. Honestly, the cost structure reflects a high-growth, global tech company still investing heavily, but now with a new focus on efficiency following some headwinds.

Cost of Revenue: Payment processing fees and foreign exchange (FX) hedging costs

This is the direct cost of moving money for your clients. For the third quarter ended September 30, 2025, Flywire Corporation's GAAP Cost of Revenue was approximately $75.4 million, calculated by taking the reported total Revenue of $200.1 million and subtracting the Gross Profit of $124.7 million. This figure directly reflects the variable costs associated with transaction volume, which hit $13.9 billion in Total Payment Volume for Q3 2025.

Technology and Development, Sales and Marketing, and General and Administrative expenses

These operating expenses are where the platform scales and the client base grows. Here's a look at the latest reported quarterly figures from the third quarter of 2025, which gives you a solid view of the current run rate before the full impact of the early 2025 restructuring is reflected in later quarters.

Expense Category	Q3 2025 Reported Amount (USD)	Year-over-Year Change (Approximate)
Sales and Marketing	$135.92 million	+9.5% vs Q3 2024
General and Administrative	$127.30 million	+3.7% vs Q3 2024
Technology and Development	$66.81 million	+1.0% vs Q3 2024

Note that the table above uses figures from the operating expense breakdown provided for Q3 2025. The line item labeled 'Payment Processing Services' in that source's table, which was $186.40 million in Q3 2025, is excluded here as it is typically classified as Cost of Revenue, which we calculated separately above.

Personnel costs, optimized by a 10% workforce reduction in early 2025

Personnel is definitely the largest driver within the Sales and Marketing, G&A, and Technology buckets. Flywire Corporation made a significant move to address cost intensity in early 2025. The company cut about 10% of its global workforce, which equated to approximately 125 employees. This was a direct response to 'significant headwinds' that led to a fourth-quarter loss in 2024. The stated goal of this restructuring, alongside a comprehensive review of operations, was to increase efficiencies.

The AI-driven operating efficiency efforts are also helping here; the self-service rate rose to 41% year-over-year by Q3 2025, which is a 28% year-over-year increase, helping to decouple support costs from growth. That's a smart way to manage headcount costs going forward.

General and Administrative expenses for global operations

G&A costs, reported at $127.30 million for Q3 2025, cover the necessary overhead for a global footprint. This includes costs for compliance, finance, legal, and executive functions supporting operations across all four verticals: Education, Travel, Healthcare, and B2B. The company is focused on maintaining go-to-market productivity while lowering the operating expense intensity across S&M, G&A, and Tech. The Q3 2025 Adjusted EBITDA margin was 29.4%, up 155 basis points year-over-year, showing that expense discipline is starting to pay off.

Finance: review Q4 2025 OpEx against the Q3 run-rate by January 15, 2026.

Flywire Corporation (FLYW) - Canvas Business Model: Revenue Streams

You're looking at how Flywire Corporation (FLYW) actually brings in the money, which is a mix of transaction-based revenue and software subscriptions. The core of the business model relies on capturing value from the movement of money and the use of its specialized platforms.

For the third quarter ending September 30, 2025, Flywire Corporation (FLYW) reported total revenue of $200.1 million, marking a 27.6% increase year-over-year. This top-line performance beat internal guidance. A key metric for understanding the core payment business is Revenue Less Ancillary Services (RLAS), which was $194.1 million in Q3 2025, up 28.2% year-over-year. On an FX-neutral basis, RLAS growth for Q3 2025 was 26.3%.

The revenue streams break down into a few clear buckets:

• Payment processing fees (transaction fees) from payers and institutions are the largest component, embedded within the RLAS figure.
• Foreign exchange (FX) margin on cross-border transactions is a component of the payment revenue, though it can fluctuate; for instance, the company recorded a $0.6 million foreign exchange loss during Q3 2025.
• Software-as-a-Service (SaaS) fees for vertical-specific platforms, like those from the Sertifi acquisition, contribute directly to revenue. Sertifi alone added $12.9 million to Q3 2025 revenue, accounting for 8 points of the year-over-year growth.

The growth in non-transactional software revenue is a significant trend. For the second quarter of 2025, Platform and other revenues increased 84% year-over-year. This growth was driven by platform fees and improvements within the healthcare vertical. In that same Q2 2025 period, Sertifi contributed $12 million to revenue.

Here's a look at how the key revenue components stacked up across the mid-2025 reporting periods:

Metric	Q2 2025 Amount	Q3 2025 Amount
Total Revenue (GAAP)	$131.9 million	$200.1 million
Revenue Less Ancillary Services (RLAS)	$127.5 million	$194.1 million
Platform and Other Revenues YoY Growth	84% (Q2 2025 vs Q2 2024)	Not explicitly stated for Q3 2025
Sertifi Revenue Contribution	$12.0 million	$12.9 million
GAAP Gross Margin	57.0%	62.3%

You can see the shift in the gross margin, moving from 57.0% in Q2 2025 to 62.3% in Q3 2025, which suggests that the mix of revenue, or perhaps better operational leverage on the core payment processing, is improving as the year progresses. The company is clearly leaning into the higher-margin software components to supplement the transaction revenue base.