Global payments and software enablement company Flywire has acquired international education payments platform Cohort Go to bring students, agents and student services to Flywire, according to a joint press release Wednesday, July 13.
The acquisition will help Flywire accelerate the growth of its agent team, enhance its product and payments innovation, and deepen its investments across Asia-Pacific, the press release said. Cohort Go gives international students the ability to make cross-border tuition payments through international agents.
Cohort Go’s agent platform is expected to help Flywire’s agent solutions deliver greater value to educational institutions, agents, and students. Cohort Go as partner relationships in nearly 40 geographies, presenting growth opportunities in APAC and Latin America, the statement said.
“Recruitment agencies play a vital role in the international student journey by helping students find internships at higher education and other institutions,” Flywire CEO Mike Massaro said in the release. “Cohort Go has played a leading role in this space, with a network of over 1,000 agent partnerships, including some of the most prestigious student recruitment agencies in the world.
“As we continue to invest in our Flywire advantage – the combination of our next-generation payments platform, proprietary global payments network and industry-specific software – we are looking for opportunities to integrate further. deep into the workflows of our clients, agents and payers, with the goal of generating more value for them,” he said.
Related: Billtrust and Flywire Results Show B2B Payments Modernization Continues and Card Acceptance Grows
During its quarterly conference call with analysts, Massaro said total payments volume for the quarter increased 46% from the first quarter of 2021. The company said in its supplements that it had more than 420 customers from travel and B2B.
Rob Orgel, President and COO, said 70% of respondents in the Flywire study say they lose between 4% and 10% of their revenue in an average month due to wasted time due to operational inefficiencies in payment processing.
Flywire’s next quarterly earnings call is scheduled for August 9.
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