Flywire acquires UK-based Pace Invoice
01 June 2017 | 1897 views | 0
Flywire, a leading provider of international payment solutions, today announced that it has acquired PACE Invoice, a multi-currency invoicing platform provider based in London.
With the acquisition, Flywire adds international invoicing to its cross-border payments and receivables services, enabling its business, education and healthcare clients to more easily link invoices to cross-border receivables, saving time and costs in invoice preparation and payment reconciliation.
The move comes on the heels of Flywire’s recent expansion into the cross-border payment market for businesses. PACE Invoice CEO James Shattock will join the company and lead expansion efforts in the UK and Europe for that new business segment.
“This acquisition fills a growing need for clients across all our industry sectors - business, education and healthcare,” said Mike Massaro, CEO of Flywire. “Cross-border invoicing is challenging and by enabling these capabilities within our platform, we will further enhance our already industry-leading cross-border payment solution in the market. We’re also very pleased to be able to say that James Shattock and the entire PACE team will join us to capitalize fully on this great opportunity.”
“This is a great move for us - joining a dynamic, fast-growing company like Flywire where our offering is highly complementary and will be quickly integrated into the international payment and receivables platform Flywire has built,” said Shattock. “Our invoicing capability meets an important cross-border business need for their customers and can help accelerate Flywire’s expansion, especially in the B2B market. We’re really excited to be part of that.”
Flywire provides educational institutions, healthcare providers, and businesses with the ability to offer customers a highly-tailored, international payment experience - customized by country, currency and vertical. It also provides businesses with the ability to manage international receivables, while ensuring robust compliance and anti-money laundering controls are applied to every transaction.
PACE enables businesses to issue invoices to their international customers which can be paid in ways that are convenient and familiar to the customer, making prompt, accurate payments easier while reducing currency exposure. The PACE Invoice platform integrates with existing enterprise accounting systems and offers a white-label web interface for client branding. Flywire will offer the invoicing capability as an option with its cross-border payments and receivables platform - providing end-to-end management from invoice delivery through payment reconciliation.
Pace Invoice is an alumni of Startupbootcamp FinTech London, an accelerator program supporting early-stage tech companies with direct access to an international network of the most relevant mentors, partners, and investors in the FinTech industry.
Francisco Lorca, Managing Director of Startupbootcamp FinTech London added: "We are very proud of PACE Invoice at Startupbootcamp FinTech and see this as very good showcase of how a startup has accelerated during our FinTech program and made the best use of the resources of Startupbootcamp."