Flywire acquires payments firm OnPlan Holdings
Payment and receivables solutions company Flywire has acquired OnPlanU and OnPlan Health, both subsidiaries of OnPlan Holdings. The terms of the deal were undisclosed, reports Julie Muhn at Finovate (FinTech Futures’ sister company).
OnPlan Health is a web portal and payment solution that offers providers an automated way to settle patient balances. OnPlanU is a student billing and payment solution that enables universities to automate account setup and payments and set up tailored payment schedules for students.
Flywire says its clients have been pushing the company to offer the ability to manage payments and receivables from a single platform. CEO Mike Massaro states that the acquisition “brings a tremendous amount of technical capability and domain expertise to address it. In a short period of time, [OnPlan has] built a very strong product”.
OnPlan’s CEO John Talaga and CTO David King will join Flywire’s leadership team. Talaga will lead Flywire’s healthcare segment, while King will lead the company’s product and development teams focused on education and healthcare. The rest of the OnPlan team will merge into Flywire, working from OnPlan’s Chicago-based office.
Flywire was originally launched as PeerTransfer in 2011. It is headquartered in Boston with operations in the UK, China, Japan, Singapore, Australia and Spain. The company’s platform processes over 120 different local currencies.
Last August, Flywire expanded its operations to Japan and formed a partnership with Volvo to help international student lease vehicles. Flywire has raised a total of $43.2 million.