Vertical payments company Flywire has acquired HealthTech platform Simplee to optimise the digital payments and patient engagement experience in healthcare, and scale its global payments services.

Flywire also announced a $120 million Series E investment round, led by Goldman Sachs, providing additional capital to support its vision to digitise payments across education, healthcare and travel.

The Simplee deal means the companies will power four of the top 10 US healthcare systems and process more than $10 billion in patient payments per year.

Flywire chief executive Mike Massaro said: “This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients.

"The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.”

Meanwhile, the latest funding round brings the company’s total capital investment to $260 million. Tiger Global Management and Adage Capital also joined the round as new investors, with participation from existing investors.

Ashwin Gupta, managing director at Goldman Sachs’ merchant banking division, commented: “The company brings together a unique blend of a payments network, platform and vertical-specific solutions to completely digitise the payments experience for their clients across industries."

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