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US international payments firm expands cross-border offering with London acquisition

London-based Pace Invoice, the multi-currency invoicing platform, has been acquired by a US international payments company as part of its expansion into cross-border payments.

Boston’s Flywire has snapped up the FinTech firm, which is currently based out of Startupbootcamp at St Katharine’s Docks, and will see it adding international invoicing services to its clients in the business, education and healthcare sectors.

Founded in 2009, Flywire provides clients with tailored international payment services allowing them to support payments and transactions across different countries and currencies, along with anti-money laundering protections.

As part of the deal, current Pace Chief Executive, James Shattock, will join Flywire’s team and lead the firm’s expansion in the UK and Europe.

The Startupbootcamp alumnus was setup to help ‘reduce currency exposure’ for firms that operate internationally, with an end-to-end solution offering invoice delivery through to payment settling.

Following confirmation of the acquisition, Shattock commented: “This is a great move for us - joining a dynamic, fast-growing company like Flywire where our offering is highly complementary and will be quickly integrated into the international payment and receivables platform Flywire has built.

“Our invoicing capability meets an important cross-border business need for their customers and can help accelerate Flywire’s expansion, especially in the B2B market. We’re really excited to be part of that.”

Mike Massaro, Chief Executive at Flywire added: “This acquisition fills a growing need for clients across all our industry sectors - business, education and healthcare.

“Cross-border invoicing is challenging and by enabling these capabilities within our platform, we will further enhance our already industry-leading cross-border payment solution in the market. We’re also very pleased to be able to say that James Shattock and the entire PACE team will join us to capitalize fully on this great opportunity.”

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