Payments processor expanded from $403M to $492M in FY2024, with FY2025 revenue surpassing $623M.

Revenue Growth Trajectory: 27.1% CAGR from 2021 to 2024

Flywire Corporation posted a compound annual growth rate (CAGR) of 27.1% in revenue from fiscal 2021 through fiscal 2024, scaling to $492.1 million for the year ended December 31, 2024. The three-year CAGR—a metric that smooths annual fluctuations—reflects sustained expansion in the global payments processor's core verticals and strategic M&A.

The progression is clear from reported figures. For fiscal 2023, Flywire generated $403.1 million in revenue (Source 2). That grew 22% to $492.1 million in fiscal 2024 (Source 2). The company then accelerated to $623.0 million for the year ended December 31, 2025, representing 26.6% growth over FY2024 (Source 5). The trajectory shows the company maintained double-digit expansion even as it lapped earlier high-growth comps.

Revenue ($M) ($M)Source: Orionmano Industries

Growth Drivers: Client Count, Payment Volume, and Acquisitions

Flywire's revenue growth is underpinned by operational expansion and a deliberate acquisition strategy. The company ended fiscal 2024 with over 4,500 clients, a 16% year-over-year increase, and added more than 180 new clients in the fourth quarter alone (Source 2). Client acquisition is supported by a high-value transaction model: total payment volume (TPV) increased 24% to $29.7 billion in FY2024, with Q4 2024 TPV reaching $6.9 billion, up 27.6% versus the prior-year quarter (Sources 2, 3).

Revenue less ancillary services—a metric Flywire reports to exclude pass-through costs for printing, mailing, and marketing fees—grew 24% in FY2024 to $474.2 million, versus $381.5 million in FY2023 (Source 2). This line item provides a clearer view of core transaction-level revenue generation.

Acquisitions accelerated the growth profile. In August 2024, Flywire acquired Invoiced, a U.S.-based B2B accounts receivable SaaS platform (Source 5). The more significant deal came in February 2025: the $330 million acquisition of Sertifi, a software and payments platform focused on the hospitality sector (Sources 3, 5). By Q2 2025, Sertifi contributed $12.3 million in revenue, adding 12 percentage points of year-over-year growth to Flywire's top line (Source 4). The diversification effect is evident: platform and other revenues (which include software and recurring fee streams) rose to 23.7% of total revenue in Q2 2025, compared to 17.7% in Q2 2024 (Source 4).

Profitability and Margin Trends

Revenue growth has been accompanied by improving profitability, albeit with margin compression during M&A integration. In Q4 2024, adjusted gross profit reached $75.6 million, up 19.1% year-over-year, with adjusted gross margin improving to 67.0% from 66.1% a year earlier (Source 2). For the full fiscal 2024, adjusted EBITDA rose 85% to $78 million, yielding a margin of 15.8% (Source 3).

However, fiscal 2025 margin trends reflect the impact of Sertifi's lower-margin transaction mix. In Q2 2025, gross margin stood at 57.0%, down from 59.7% in Q2 2024 (Source 4). The decline is consistent with the addition of higher-volume, lower-margin hospitality payment flows. Quarter-over-quarter improvements followed: Q3 2025 gross margin recovered to 62.3%, though still below the 64.0% reported in Q3 2024 (Source 6).

On the bottom line, net losses have narrowed. Flywire reported a net loss of $12.0 million in Q2 2025, compared to $13.9 million in Q2 2024 (Source 4). For full fiscal 2025, the company achieved net income of $13.5 million, a significant improvement from net income of $2.9 million in FY2024 and a net loss of $8.6 million in FY2023 (Source 5). The path to GAAP profitability signals operational discipline as the company scales.

Headwinds and Strategic Response

Flywire's core education vertical—historically its largest segment—encountered headwinds in 2024. Changes to Canadian student visa policies reduced international enrollment flows, compressing growth in the education payments business (Source 3). The slowdown spooked investors: Flywire's share price fell sharply after the Q4 2024 earnings release, reflecting concerns about over-reliance on education (Source 3).

Management responded with a dual strategy: cost restructuring and vertical diversification. The company announced a restructure impacting approximately 10% of employees, aimed at cutting costs while reallocating resources to growth investments (Source 3). Simultaneously, the acquisitions of Invoiced and Sertifi were designed to shift the revenue mix toward B2B accounts receivable and hospitality payments, reducing dependence on any single vertical (Sources 3, 5).

The early results are measurable. By the first nine months of fiscal 2025, Flywire's TPV reached an annualized pace above $37.6 billion (Source 5). Sertifi contributed $12.9 million in revenue in Q3 2025, adding 8 points of growth (Source 6). The question for investors is whether the Sertifi integration can maintain revenue accretion without further margin erosion, and whether Flywire can sustain double-digit revenue growth as payments industry growth normalizes. The 27.1% CAGR from 2021 to 2024 set a high bar; sustaining a similar trajectory will require continued client wins, successful cross-selling across verticals, and disciplined cost management.