The news follows Flywire’s successful October 2015 acquisition of UK-based Uni-Pay, and its continued strong organic growth.
The ScholarFX acquisition brings the total number of colleges and universities served by Flywire to almost 900, adding institutions such as Bishop’s University, MacEwan University and Camosun College. ScholarFX will become part of Flywire Canada, based in Toronto. Existing educational clients will migrate to the Flywire platform over the next few months and ScholarFX’s founder, Darren Chadwick, joins Flywire Canada in a leadership role.
Flywire CEO Mike Massaro said: "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.
"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."
For international students attending schools in Canada, Flywire offers best-in-class currency conversion rates, 24/7 payment tracking, multi-lingual customer service, and the ability to pay in 70 different local currencies. Education institutions benefit from Flywire’s payment reconciliation tools, global account servicing, and easy-to-use digital tracking.
Canada is one of the fastest-growing destinations for international education today. According to the Canadian Bureau for International Education (CBIE), Canada attracted over 330,000 international students during the 2014-15 school year, up 83% from 2008. China, India, France, South Korea and the United States are the leading countries of origination for Canadian institutions.
