BOSTON - Flywire Corporation (NASDAQ: FLYW), a global payments enablement and software company, today announced the appointment of Carleigh Jaques to its Board of Directors, effective immediately. Jaques, a seasoned executive with a 15-year tenure at Visa Inc . (NYSE: NYSE:V), will also serve on the Audit Committee of the Flywire Board.
Jaques's career at Visa culminated as the SVP, Global Head of Risk & Identity Solutions, where she played a pivotal role in expanding Visa’s fraud detection capabilities. Her previous positions at Visa included SVP and Global Head of Acceptance Solutions and SVP and GM of Visa’s Cybersource business, where she drove significant growth and international expansion.
Her experience extends to leading Visa's Corporate Development and Venture function, overseeing strategic investments, joint ventures, and acquisitions, notably Visa's acquisition of Visa Europe. Prior to Visa, Jaques was a technology investment banker.
Flywire CEO Mike Massaro expressed enthusiasm about Jaques joining the Board, citing her track record and strategic expertise as invaluable assets for Flywire's growth and value creation for clients, payers, and shareholders.
Jaques herself expressed honor at joining Flywire, recognizing the company's achievements in addressing complex payment challenges and its potential for future growth.
Flywire, headquartered in Boston, provides a proprietary payments network, platform, and vertical-specific software to facilitate complex payments. The company serves over 4,000 clients, supporting diverse payment methods in more than 140 currencies across 240 countries and territories.
The company's integration with leading ERP systems, including NetSuite, aims to optimize customer payment experiences while addressing operational challenges for clients in education, healthcare, travel, and key B2B industries.
This announcement is based on a press release statement, and Flywire has made forward-looking statements about its future operations and financial performance. These statements are subject to risks and uncertainties, and actual results could differ materially. Flywire has provided no update on these forward-looking statements beyond the release date.
In other recent news, Flywire Corporation reported substantial growth in its third-quarter financial results for 2024. The company's revenue escalated to $151.4 million, marking a 29.6% year-over-year increase, while adjusted gross profit grew by 27.2% to $101.9 million. The adjusted EBITDA also rose, reaching $42.2 million, up by $14.7 million from the previous year. Flywire processed a total payment volume of $11 billion during Q3 and raised its 2024 revenue guidance to between $479 million and $485 million.
The global payments company is also making strategic expansions, with CEO Mike Massaro emphasizing the company's success in broadening its client base and services across multiple verticals. Flywire plans to double its revenue in the coming years while maintaining strong cash flow and profitability. Despite potential headwinds in Canadian and Australian education markets, the company remains optimistic about its future performance.
Flywire has secured new clients in the travel and healthcare sectors, including Ansova Travel, Karma Group, and Banner (NASDAQ:BANR) Health. The company also disclosed that it is exploring growth opportunities in emerging markets, including Latin America and Europe. These recent developments underscore Flywire's ability to navigate a complex global market while continuing to expand its services and client base.
InvestingPro Insights
Flywire Corporation's recent appointment of Carleigh Jaques to its Board of Directors comes at a time when the company is showing strong financial performance and growth potential. According to InvestingPro data, Flywire's revenue grew by 26.5% in the last twelve months as of Q3 2024, reaching $475.14 million. This robust growth aligns with the company's strategy to expand its global payments network and address complex payment challenges across various industries.
InvestingPro Tips highlight that Flywire is expected to be profitable this year, with net income projected to grow. This positive outlook is particularly relevant given Jaques' extensive experience in strategic growth and expansion from her time at Visa. Her expertise in risk management and fraud detection could further enhance Flywire's capabilities in secure payment processing, potentially contributing to the company's profitability.
The company's strong recent performance is reflected in its stock price, with InvestingPro data showing a 33.51% return over the last three months. This upward trend suggests that investors are optimistic about Flywire's growth prospects and strategic direction.
It's worth noting that Flywire is trading at a high earnings multiple, with a P/E ratio of 136.6. However, this should be considered in the context of the company's growth trajectory and potential for future expansion in the global payments market.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Flywire, providing deeper insights into the company's financial health and market position.
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