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Payments firm Flywire makes U.S. IPO filing public

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(Reuters) -Payments firm Flywire Corp on Monday made its paperwork for a U.S. listing public and revealed a 38% surge in revenue in the latest quarter as it benefits from strong remote working trends due to the COVID-19 pandemic.

Flywire had confidentially filed to go public in March and could seek a valuation as high as $3 billion when it sets terms for the offering, Reuters reported in January.

The Boston-based company, which was founded in 2011 and focuses on payments in the education, healthcare and travel sectors, is looking to ride on the rising interest in the fintech space.

Earlier this year, big fintech companies Affirm Holdings Inc and Social Financial chose to go public, seeking to make the most of the roaring market that has shown a great appetite for new offerings since last year’s pandemic-induced lows.

Private fintech companies have also raised fresh capital at high valuations recently. Digital payments giant Stripe became the most valuable U.S. startup at $95 billion after its funding round in March.

Current, a digital bank with more than three million users, tripled its valuation from November after its latest fundraise this year.

Flywire intends to list on Nasdaq under the symbol “FLYW“. Goldman Sachs, JP Morgan, Citigroup and BofA Securities are the underwriters.

Flywire counts Singaporean state investor Temasek Holdings and the venture arm of private equity firm Bain Capital among its investors.

The payment company recorded $44.99 million in revenue for the three months ended March 31, up from $32.71 million in the same period a year ago.

It, however, posted net loss of $8.65 million compared with a profit of $3.7 million.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)

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