Voss Capital Reveals 12.3% Stake in Flywire, Highlights Growth and Strategic Positioning

Voss Capital has identified Flywire (FLYW) as its single largest equity position, holding a 12.3% stake in the company as of the latest reporting period. The firm cited Flywire’s consistent financial performance and expanding footprint across education, healthcare, and corporate payments as key drivers of its investment thesis. The fund noted that Flywire's revenue grew 24% year-over-year, reaching $438 million in the most recent fiscal quarter, with adjusted EBITDA margin expanding to 31.7% from 29.1% in the same period last year. This growth has been fueled by increased adoption of its platform in international markets, particularly in Europe and Southeast Asia, where cross-border transaction volumes rose by 38% compared to the prior year. The investment reflects Voss Capital’s focus on high-margin, scalable fintech infrastructure providers with recurring revenue models. Flywire’s platform processes over 38 million transactions annually, serving more than 3,500 institutions globally, including universities, medical providers, and multinational corporations. The fund emphasized Flywire’s ability to maintain low customer churn—below 4% annually—despite increasing competition in the digital payments space. Market reaction to the disclosure was muted, with FLYW stock trading flat in after-hours trading following the announcement. However, institutional interest in the stock has increased, with the number of active institutional owners rising from 18 to 26 over the past year. Analysts note that the FLYW position, while significant for Voss, represents only a fraction of the company’s total float, suggesting limited immediate market impact. The stock remains trading at a forward P/E of 34.2, above the S&P 500 average, reflecting investor confidence in long-term growth potential.