Flywire Nabs Multi-Currency Specialist PACE
On the heels of expanding into the B2B sector earlier this year, cross-border payments specialist Flywire has acquired PACE Invoice, a multicurrency invoicing platform provider based in London. The purchase bolsters Flywire’s offerings to enable its business, education and health care clients to more easily link invoices to cross-border receivables, increasing efficiency and savings, according to the company. Terms of the deal were not disclosed.
The move follows Flywire’s March 2017 expansion into the B2B cross-border payments sector, after focusing on tuition and other consumer cross-border payments for the first six years of the company’s existence. Flywire targets its services for small and medium enterprises that often have trouble accepting, tracking and reconciling cross-border payments, making it difficult to do business internationally.
The PACE Invoice platform integrates with existing enterprise accounting systems and offers a white-label web interface for client branding. Flywire will offer the invoicing capability as an option with its cross-border payments and receivables platform, the company said. “Cross-border invoicing is challenging and by enabling these capabilities within our platform, we will further enhance our already industry-leading cross-border payment solution in the market,” said Mike Massaro, CEO, Flywire.
PACE Invoice CEO James Shattock will join Flywire and lead expansion efforts in the U.K. and Europe for the B2B segment.