Core education vertical faced headwinds but travel and B2B segments drove growth; total payment volume rose 24% to $29.7B.

FY2024 Financial Highlights

Flywire's revenue less ancillary services grew 24% year-over-year to $474.2 million in fiscal year 2024, up from $381.5 million in FY2023. Total revenue, including ancillary services, increased 22% to $492.1 million from $403.1 million in the prior year. The company's adjusted EBITDA rose 85% to $78 million, yielding a margin of 15.8%, at the midpoint of management's revised guidance. Flywire also returned capital to shareholders, repurchasing 2.3 million shares for approximately $44 million during FY2024.

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

Vertical Performance and Client Growth

Flywire's core education vertical, historically its largest revenue contributor, faced headwinds during FY2024 stemming from changes to Canadian student visa policies. The policy shift reduced international student intake in Canada, dampening payment volumes from one of Flywire's key education markets. Despite this, the company's U.K. education region outperformed, driven by new client wins and net revenue retention. The company continued expanding its network of international recruitment agents to strengthen its education ecosystem.

The travel vertical emerged as Flywire's second-largest vertical in FY2024 by revenue less ancillary services, generating strong growth particularly from EMEA and APAC-based tour operators and destination management companies. A new sub-vertical focused on ocean experiences contributed to this expansion. The B2B vertical also posted strong organic growth, enhanced by the August 2024 acquisition of Invoiced, a U.S.-based SaaS accounts receivable platform that automates billing, collections, payments, and reporting.

Client acquisition accelerated during the year. Flywire signed more than 800 new clients in FY2024, surpassing the 700 new clients added in FY2023. Total active clients exceeded 4,500 at year-end, compared with over 3,800 at the end of FY2023. The company has now scaled its client base across education, travel, B2B, and healthcare verticals, reducing reliance on any single segment.

Payment Volume and Network Expansion

Total payment volume processed on Flywire's platform grew 23.6% year-over-year to $29.7 billion in FY2024. This volume growth reflects deeper penetration across verticals and continued expansion of the company's global payment network.

Flywire strengthened its presence in key payer markets, particularly India. The company enhanced partnerships with India's three largest banks and digitized the disbursement of student loans from India, facilitating smoother cross-border flows for education payments. The broader network optimization program focused on new acceptance rails, market localization, and expanded coverage to support vertical-specific growth. These efforts are designed to reduce friction for payers in high-volume corridors and deepen Flywire's competitive moat in the cross-border payments infrastructure layer.

Outlook and FY2025 Performance

Flywire's growth trajectory continued into FY2025. Revenue less ancillary services grew 24% to $603.1 million for the twelve months ended December 31, 2025, maintaining the same growth rate as FY2024. Total revenue reached $623.0 million. The company reported net income of $13.5 million for FY2025, compared with $2.9 million in FY2024.

Two strategic moves shaped the FY2025 outlook. In February 2025, Flywire acquired Sertifi, a hospitality-focused software and payments platform, for $330 million. Sertifi was expected to contribute $35–40 million in revenue for the full year 2025, bolstering the travel vertical. The company also undertook a restructuring that impacted approximately 10% of its workforce, aimed at cutting costs while targeting growth through selective investments.

For FY2026, Flywire guided to 15–21% FX-neutral growth in revenue less ancillary services, alongside 150 to 350 basis points of adjusted EBITDA margin expansion. This guidance reflects durable demand across verticals, disciplined cost management, and the structural operating leverage embedded in the platform. While moderating from the 24% growth rates of the prior two fiscal years, Flywire's diversified vertical mix—spanning education, travel, B2B, and healthcare—positions the company for sustained revenue expansion in the global payments market, with acquisitions adding incremental scale.