Flywire Buys Simplee to Tap into Healthcare Payments, Raises $120M
The amount involved in the deal has not been disclosed.by Arnab Shome
Global payments company Flywire announced on Thursday its acquisition of Simplee, a healthcare technology platform, aiming to enter the medical payments arena.
Per the press release, this will enable it to accelerate its efforts to digitizing healthcare finance, addressing the challenges around patient engagement.
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The company will combine its technology with Simplee’s solutions to make the settlement process faster for both patients and service providers.
Together, the companies will power four of the top ten US healthcare systems and process more than $10 billion in medical payments per year, the announcement detailed.
“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,” Mike Massaro, CEO of Flywire, said.
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“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.”
A major funding round
The company also announced the closure of its Series E funding round, raising 120 million.
The round was led by Goldman Sachs and participated by major venture capital firms including Tiger Management and Adage Capital Management.
With this round, the company has raised a total of more than $263 million. The existing investors in the firm also participated in the Series E round.
“We are thrilled to lead the Series E round for Flywire”, said Ashwin Gupta, managing director at Goldman Sachs’ merchant banking division. “They bring together a unique blend of a payments network, platform, and vertical-specific solutions to completely digitize the payments experience for their clients across industries. We look forward to continuing to help accelerate Flywire’s growth.”