Flywire (FLYW) 46th Annual William Blair Growth Stock Conference summary

Business Overview, Strategy, and Market Focus

• Expanded from cross-border education payments to domestic, travel, healthcare, and B2B verticals, targeting large, underserved, and structurally complex markets with high-value transactions across 240+ countries and 140+ currencies.

• Built a global, regulatory-grade infrastructure with 1,200+ local payment options and deep software integrations with over 100 systems of record, ERPs, EHRs, and booking systems.

• Focuses on solving operational and regulatory complexity, absorbing workflow burdens for clients and enabling improved payment processes.

• High client retention rates (over 90%), with enterprise clients in education and travel showing less than 1% churn and driving the majority of revenue.

• Differentiates by being agnostic to payment methods, offering local payment solutions globally, and embedding in mission-critical client workflows.

Product Innovation and Client Impact

• Student Financial Software unifies tuition payments and automates reconciliation, addressing pain points for students, staff, and IT.

• Travel solutions deliver faster bookings, operational leverage, and significant merchant fee savings, with direct ERP integrations.

• Cross-sell and upsell strategies, including Sertifi integration, expand revenue opportunities and product adoption across client bases.

• B2B and healthcare verticals show strong YoY growth, driven by automation, large client launches, and workflow integration.

• Clients benefit from higher payment completion rates, improved collections, and measurable operational efficiencies, such as a 40% reduction in support inquiries and 30% less staff effort in healthcare.

Financial Performance and Growth

• Revenue less ancillary services grew from $181M in 2021 to $603M in 2025, a 35% CAGR; total revenue reached $623M in 2025.

• Adjusted EBITDA margin improved to 20% in 2025, with adjusted EBITDA rising from $23M in 2021 to $121M in 2025.

• Tripled revenue and increased EBITDA fivefold since IPO in 2021, achieving GAAP net income profitability and projecting 3x-4x GAAP net income growth this year.

• Travel business now exceeds U.S. education in size, with both travel and Sertifi segments growing over 30% annually and Sertifi contributing 9% to total growth in 2025.

• Completed a $50 million share buyback, prioritizing capital allocation to organic growth, strategic acquisitions, and stock repurchases.