The new link will take a key focus on the payment journey for colleges and universities in the UK.
Furthermore, it will also build on Flywire’s existing education payments business to scale its global customer base and is expected to further accelerate its market share in the UK education sector. Flywire estimates payment volume in the UK education sector to be approximately $30 billion.
“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,” said Mike Massaro, Flywire CEO. “WPM’s strong client centric approach is a perfect fit with Flywire and will allow us to accelerate our expansion in the U.K. higher education market.”
It boosts the significant economic impact of the higher education industry in the UK, with it remaining one of the most popular regions for international students. According to a 2021 study from London Economics, international students alone contribute approximately £28.8 billion to the UK economy.
“Our focus in building WPM was always to deliver amazing and secure payments experiences for our clients through our software, research, events and consultancy,” added Holger Bollmann, WPM Director and Co-Founder.
“Flywire has been an innovator and leader in software and payments across many major sectors of the global economy, including education, and I’m thrilled to be joining the Flywire team along with all of the WPM team to continue to deliver great value for our clients.”