Flywire Corporation (FLYW): A Bull Case Theory

We came across a bullish thesis on Flywire Corporation on Voss Capital’s Substack. In this article, we will summarize the bulls’ thesis on FLYW. Flywire Corporation’s share was trading at $10.33 as of August 4^th. FLYW’s trailing and forward P/E were 259.00 and 16.92, respectively according to Yahoo Finance.

Flywire (FLYW) is a leading cross-border payments platform focused on education, travel, and B2B verticals, with a strong competitive moat built on ERP integrations and payment flexibility. Despite concerns about hitting a growth wall in education, Flywire’s Student Financial Services (SFS) adoption in the UK highlights significant untapped potential. Even in its most penetrated market, the UK, the company has less than 5% SFS penetration across universities where it already dominates international payments.

Moving just 20–25 universities onto SFS could add over $50 million in revenue—more than 50% growth. Student adoption remains high due to convenience and payment choice rather than lowest FX rates, with uptake at some schools reaching 94%. Expansion across Europe and further growth in the U.S., where Flywire already partners with institutions like Stanford, provide additional upside.

The travel and hospitality segment, bolstered by the Sertifi acquisition, opens another major growth avenue. Sertifi strengthens Flywire’s presence in hotel payments and introduces cross-selling opportunities, particularly with global chains like Hilton and Marriott. Integration of Flywire’s multi-currency and payment plan capabilities with Sertifi’s contract workflow solutions creates a strong competitive advantage and TAM expansion.

Despite recent macro and regulatory headwinds in Canada and Australia, U.S. and UK enrollment trends appear resilient, while Flywire’s diversified verticals and counter-cyclical education business mitigate risk. With incremental EBITDA margins above 35%, strong FCF conversion, and a clean balance sheet, the company trades at just ~2x sales and ~10x 2026 FCF. Potential catalysts include SFS expansion, Sertifi synergies, and possible strategic interest, positioning Flywire for material upside from current levels.

Previously we covered a bullish thesis on DLocal Limited (DLO) by Oliver | MMMT Wealth in March 2025, which highlighted its specialization in emerging market payments and strong growth potential. The company’s stock price has appreciated approximately 5.74% since our coverage as diversification and improving take rates supported stabilization. The thesis still stands given ongoing digitalization trends. Voss Capital shares a similar view but emphasizes Flywire’s ERP-driven moat, SFS expansion, and travel segment growth.

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Disclosure: None.