US paytech Flywire enters UK education market with WPM acquisition
Flywire has acquired UK education paytech WPM for an undisclosed sum.
WPM is a software provider that enables secure payment solutions for universities and colleges across the UK.
The acquisition will build on Flywire’s existing education payments business and will grow its market share in the UK education sector, which Flywire estimates has a payment volume of approximately $30 billion.
Flywire says that combining its payment platform with WPM’s software system will deliver “greater value” to institutions.
“As a core pillar of our strategy, we continue to look for investment opportunities that supplement our strong organic growth and align with our belief that software drives value in payments,” says Flywire CEO Mike Massaro.
Flywire believes global payments in education represents one of its largest market opportunities.
The company estimates a global education payments volume of approximately $660 billion.
According to a 2021 study from London Economics, international students alone contribute approximately £28.8 billion to the UK economy.
The WPM digital-first payment platform integrates with more than 130 university systems and supports more than 170 universities and colleges.
“Our focus in building WPM was always to deliver secure payments experiences for our clients through our software, research, events and consultancy,” says WPM director and co-founder Holger Bollmann.
The acquisition of WPM forms part of Flywire’s long-term growth plans as it looks to scale and expand into other business areas and industry sectors.
Headquartered in Boston, Massachusetts, Flywire supports more than 2,500 clients in more than 140 currencies across more than 240 countries and territories.