Flywire cuts 10% of staff amid $16m in net losses

The losses – revealed in the company’s 2024 financial report – triggered a 37% fall in Flywire’s stock price, closing at $11.05 per share on February 26. At the time of writing on March 5, Flywire’s stock price stands as $10.60.  

The company announced several “efficiency measures” to mitigate the impact of the near $16m in losses in the last quarter of 2024, including a restructuring plan impacting 10% of the workforce across global regions and functions.  

“It is difficult to say goodbye to so many FlyMates,” said Flywire CEO Mike Massaro, thanking employees for their hard work and maintaining they would be supported through the transition.  

“Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business,” wrote Massaro in the report.

Flywire said that the changes would strengthen its focus on “areas of greatest opportunity”, including education, where it continues to “invest in delivering exceptional value to our clients,” vice president for corporate marketing, Sarah King, told The PIE News.  

“Looking ahead, we remain deeply committed to supporting our global education partners, payers, agents, and stakeholders, ensuring we provide the solutions they need to navigate an evolving landscape,” King added.  

Despite the nearly $16m in net losses, Massaro called 2024 a “strong year” for Flywire, which increased its revenue by 17% last quarter, “while navigating a complex macro environment with significant headwinds”.  

Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business

Mike Massaro, Flywire CEO

Alongside Flywire’s financial losses, it announced the acquisition of Sertifi, a new payment platform for the hotel and travel industry, which it expects to boost revenue by $30-$40m this fiscal year.  

Under its education vertical, Flywire increased its network of international recruitment agents, with the UK seeing the most growth.  

Late last year, the company announced a stream of new partnerships, including one with GradGuard tuition insurance provider and another with Vietnam National Bank.  

“Our dedication to the success of the institutions we serve has never been stronger, and we are excited about the opportunities ahead to further enhance our impact in the education sector,” said King.  

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