Voss Capital’s Q4 2025 investor letter designated Flywire as its largest position, emphasizing the company’s deep integration in high-value payment verticals like healthcare, education and travel. The letter underscores Flywire’s formidable moat built through localized banking relationships and payment rails in almost every country.

Over 80% of Flywire’s revenue comes from processing fees—foreign exchange spreads and cross-border fees—underscoring its reliance on transactional income rather than subscription software. The entrenched nature of its payment workflows in hospital billing systems and university ERPs creates high switching costs exceeding $100 million and five years to replicate.

Despite a $1.1 billion enterprise value, Flywire trades at a 6x multiple on 2027 consensus EBITDA estimates, significantly lower than competitors and mid-to-high-teens multiples seen in similar high-growth firms. By contrast, private competitor Airwallex recently secured funds at an $8 billion valuation, highlighting Flywire’s apparent undervaluation.