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New Payments IPOs: Paymentus Looks To Raise $210 Million; Flywire Seeks $251 Million

Two U.S. payments platforms — Paymentus and Flywire — are seeking initial public offerings at the top of their marketed range. Both started trading on Wednesday (May 26) and are expected to close on Friday (May 28). 

Paymentus is trading on the New York Stock Exchange (NYSE) under the ticker PAY. Flywire is trading on the Nasdaq Global Select Market under the ticker symbol FLYW.

Founded in 2004 and based in Redmond, Washington, Paymentus Holdings Inc. is planning to offer 10 million shares of its Class A common stock at a price of $21 per share, according to a press release. The range was originally $19 to $21 per share. The offering could peg the value of the firm as high as $2.4 billion. 

Boston-headquartered Flywire was launched in 2011 and is looking to offer 10.4 million shares at a price of $24 each raising $251 million at a $3 billion valuation, according to a press release.

Both payments firms’ offerings were led by Goldman Sachs, JPMorgan Chase, Citigroup, and Bank of America. 

Paymentus and Flywire are among 13 firms in the payments space going public this month, according to the PYMNTS IPO/SPAC Tracker. Among them is the Israel-based eCommerce firm Global-e, which is planning to offer 15 million shares at between $23 to $25. Other new IPO filings include Marqeta at a possible value of approximately $10 billion.

When Flywire first announced plans to go public, it was hoping to raise as much as $300 million. The filing with the Security and Exchange Commission (SEC) shows about $45 million in revenues in the latest quarter, up 38 percent year on year.

Paymentus posted revenues of  $92.2 million in the first quarter of 2021, an increase of 32 percent.

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