Flywire is a global payments and software company focused on large, complex payment flows in four verticals: education, healthcare, travel, and B2B. The core use case is cross-border tuition payments — when an international student pays tuition to a university abroad, Flywire handles the full workflow: invoice delivery, payment collection in the student's local currency, settlement to the institution, and ERP reconciliation. The same logic applies to hospital bills, travel bookings, and business invoices. Beyond payment processing, Flywire has built vertical-specific software platforms, including a Student Financial Services platform for university billing and payment management, a patient financing and collections platform for hospital systems, and the Sertifi platform (acquired in 2025) for hotel event and group booking workflows. Flywire earns transaction fees as a percentage of payment volume — with higher rates on cross-border payments — plus software subscription and usage fees that are growing faster and add revenue durability. Flywire's growth model runs on three tracks: deepening penetration at existing clients by capturing domestic and cross-border payment flows through software integrations, adding new clients across all four verticals, and acquiring vertical software businesses to monetize their payment volumes. Acquisitions of StudyLink, Invoiced, and Sertifi all follow this playbook. Education — particularly international tuition in the U.S., U.K., Australia, and Canada — remains the largest revenue contributor, but Flywire's dependence on international student enrollment exposes it to visa policy risk, as seen when Canadian visa restrictions caused a sharp revenue decline in late 2024.