Payment solutions provider Flywire has raised $120m in Series E investment round led by Goldman Sachs.

The existing backers of the company and new investors Tiger Management and Adage Capital Management also joined the round.

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It follows a $100m investment round in 2018, which was led by Singapore-based Temasek.

With the latest fundraising, Flywire has secured a total investment of $260m. The company plans to utilise the proceeds to support its growth increasing ongoing investment in its multi-vertical strategy.

Goldman Sachs Merchant Banking Division managing director Ashwin Gupta said: “We are thrilled to lead the Series E round for Flywire.

“They bring together a unique blend of a payments network, platform and vertical-specific solutions to completely digitise the payments experience for their clients across industries. We look forward to continuing to help accelerate Flywire’s growth.”

Simplee acquisition:

Besides raising $120m, Flywire has acquired healthcare technology platform Simplee to further bolster its healthcare payments business.

With this acquisition, Flywire seeks to enable patients and healthcare service providers to settle payments faster.

Together, the two companies will process more than $10bn in patient payments annually.

Flywire CEO Mike Massaro said: “Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry-leading payments platform.

“This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients.

“The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.”

In December last year, Flywire partnered iSAMS to streamline tuition payments.