Flywire Corp (NASDAQ: FLYW) is a payments and software company that processes high-value, complex transactions for clients in the education, healthcare, travel, and business-to-business sectors. It makes money by collecting a percentage of each payment it processes, supplemented by software and platform fees charged to institutional clients. The 10-K filed 2026-02-24 (accession 000119312526067540) confirms Flywire is listed on the Nasdaq Global Select Market. The business sits between payers, typically international students, patients, or travelers, and the institutions or businesses receiving funds, handling currency conversion, compliance, and reconciliation across a global payment network. Switching costs are present given deep integration into client billing and ERP workflows, though the filing excerpts provided do not supply the quantitative evidence needed to characterize moat strength with precision. The filing does not disclose segment revenue percentages, customer concentration figures, or total client counts in the excerpts available.

Revenue model

Transaction-based fees as a percentage of payment volume processed, plus software and platform fees charged to institutional clients.

Products and services

Payments platform for high-value cross-border and domestic transactions; software for billing, reconciliation, and payer experience across education, healthcare, travel, and B2B verticals.

Customers and end markets

Universities and higher-education institutions, healthcare providers, travel companies, and B2B enterprises receiving high-value payments; payers include international students, patients, and corporate clients.

Value-chain role

Payment processor and software intermediary between institutional billers and end payers; handles currency conversion, compliance, and reconciliation.

Geographic exposure

Global operations with cross-border payment flows; specific country or regional revenue breakdowns not supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-24

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