Toronto-based ScholarFX, which offers a tuition payments platform for international students attending Canadian postsecondary institutions, has been acquired by cross-border payments platform Flywire.
The ScholarFX acquisition brings the total number of colleges and universities served by Boston-based Flywire to almost 900, and ScholarFX will become part of Flywire Canada. Existing ScholarFX clients will migrate to the Flywire platform over the next few months and ScholarFX’s founder, Darren Chadwick, will join Flywire Canada in a leadership role.
“The acquisition of ScholarFX expands our ability to attract and service Canadian educational institutions while adding to the scale of our industry-leading cross-border payment platform,” said Mike Massaro, CEO of Flywire. “ScholarFX has a great understanding of the Canadian market and their personalized, customer-centric approach to service is perfectly aligned with ours. We’re also excited to add Darren Chadwick to our team, and to bring all the advantages of our solution to this fast-growing market.”
Flywire was formerly known as peerTransfer. The company said it changed its name in September to reflect a vision to become an international payments platform used across the globe. Since then, the company has acquired UK-based Uni-Pay, which, like ScholarFX, is a payments platform for international students. Flywire reported that it is on track to process $2 billion in tuition by spring.