Vertical payments company Flywire has announced its acquisition of leading healthcare technology platform and payment facilitator Simplee. The company’s goals are to improve patient engagement, healthcare finance and overall affordability through the digitization of the healthcare industry, it said.
The acquisition announcement comes in conjunction with the news of another fundraise to support its growing platform. The company recently completed a $120 million Series E funding round, led by Goldman Sachs, according to the press release. This latest round brings the company’s total capital investment to $260 million.
Ultimately, Flywire looks to digitize payments across three primary verticals: education, healthcare and travel.
“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,” said Flywire CEO Mike Massaro in the same release. “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.”
As a combined brand, the companies will fuel four of the top ten US healthcare systems, processing more than $10 billion in patient payments annually, Flywire said.