https://thebearcave.substack.com/p/problems-at-flywire-flyw

Flywire ($2.76 billion) Describes itself as a "global payments enablement and software company." Flywire primarily caters to industries with outdated payment systems like hospitals, universities, and some overseas travel groups. The Bear Cave believes Flywire is a commoditized product trading for a nosebleed multiple, with growing competition slowly eating away at the company's client base.

Founded in 2009, Boston-based Flywire has over 1,000 employees and over $20 billion in annual processed payment volume across 3,500+ clients. The company claims its "vertical-specific software backed by deep industry expertise" can help improve the billing process for its clients.

For example, many hospitals rely on paper billing only, but with a Flywire integration, hospitals can send paper statements, emails, texts, and easily offer payment plans. On a similar note, many colleges and universities use Flywire to facilitate cross-border tuition payments which can be subject to local regulations and involve currency conversion.

Flywire has fallen ~35% since its May 2021 IPO, partly driven by ~$250 million of management and venture capitalist insider selling and investor concerns around Flywire's decelerating revenue growth. Last quarter the company grew revenues 29.5% year-over-year, its lowest growth rate since its IPO and down from 50.1% revenue growth the prior quarter. 

One reason for that deceleration may be increasing competition and dissatisfied customers.