Flywire has acquired Invoiced, a software-as-a-service (SaaS) platform that enables B2B finance teams to automate the order-to-cash process.
This acquisition will enhance Flywire’s B2B payments solution, extend its customer footprint across a diversified customer base and provide it with the opportunity to monetize the domestic and international invoicing volume managed by the Invoiced platform, Flywire said in a Tuesday (Aug. 6) press release.
“We believe Invoiced is an ideal software complement to our existing B2B payments business,” Flywire CEO Mike Massaro said in the release. “Invoiced will help us significantly accelerate our product roadmap, and its accounts receivable product focus has strong alignment with Flywire’s global payment acceptance capabilities.”
The Invoiced platform helps automate accounts receivable (AR) processes by managing invoices, communicating with payers and reconciling payments to the user’s enterprise resource planning (ERP) system, according to the release.
It features deep integrations with leading ERPs and accounting systems, the release said.
The combination of the Invoiced software with Flywire’s global payments network will provide a full-suite software and payments solution, per the release.
“Flywire plans to expand on Invoiced’s successful track record of providing invoicing software to a diversified client base across industries and geographies and reinforces its commitment to powering software and payments to its target B2B segment, which Flywire estimates to be responsible for approximately $10 trillion in global payment volume,” the company said in the release.
PYMNTS Intelligence has found that while only 5% of mid-sized companies have completely automated their accounts payable (AP) and AR processes, more than 60% of the firms of that size have already taken some steps to do so.
In addition, 93% of mid-sized companies said they plan further AP/AR automation because, they said, doing so will result in more accurate, efficient or streamlined processes, according to the PYMNTS Intelligence and American Express collaboration, “Accounts Payable and Receivable Trends: What’s Next in Automation.”
In May, Flywire said that it expanded availability of its third-party invoicing solution, which streamlines the payment experience for third-party sponsors paying a student’s tuition and fees.
In February, the company partnered with State Bank of India (SBI), the country’s largest public sector bank, to enable digital payments of education-related fees in payers’ local currencies.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
