Vertical payments company Flywire has acquired HealthTech platform Simplee to optimise the digital payments and patient engagement experience in healthcare, and scale its global payments services.
Flywire also announced a $120 million Series E investment round, led by Goldman Sachs, providing additional capital to support its vision to digitise payments across education, healthcare and travel.
The Simplee deal means the companies will power four of the top 10 US healthcare systems and process more than $10 billion in patient payments per year.
Flywire chief executive Mike Massaro said: “This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients.
"The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.”
Meanwhile, the latest funding round brings the company’s total capital investment to $260 million. Tiger Management and Adage Capital Management also joined the round as new investors, with participation from existing investors.
Ashwin Gupta, managing director at Goldman Sachs’ merchant banking division, commented: “The company brings together a unique blend of a payments network, platform and vertical-specific solutions to completely digitise the payments experience for their clients across industries."
Latest News
-
Santander to acquire TSB for £2.65bn in strategic UK expansion
-
Bitget Wallet and Mastercard to launch zero-fee crypto card
-
British Business Bank launches initiative for female investors
-
Lloyds Bank explores use of neurosymbolic AI across group
-
BBVA pushes ahead with Sabadell takeover despite government merger restrictions
-
Yonder rolls out debit cards
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories