FLYW: Takeaways from Meeting with CEO

研报英文原文证据摘录

FLYW: Takeaways from Meeting with CEO

Payments, Processors, & IT Services

FLASH

FLASH: FLYWIRE CORP. (FLYW) June 16, 2026

FLYW: Takeaways from Meeting with CEO Rating:

Outperform

Price:

●Last Thursday (6/11), we met with FLYW's Mike Massaro (CEO), Mohit $15.31

Kansal (Chief Payments Officer), and Masha Kahn (IR) with a small group Price Target:

of investors. $20

% Upside:

30.6%

●Education: Key debates within EDU remain visa headwinds in US, Canada,

and Australia, but we believe management took a conservative approach to Source: FactSet, Wolfe Research Priced as of 06/15/26

guidance. With visa headwinds across these core geographies, we expect

incremental growth to be driven by SFS upsells and solid growth outside its four

major markets. Key geographies growing quickly outside the major four markets

include Spain, Finland, Germany, Netherlands, and South Korea. Some investors

also questioned potential saturation in the UK, but management reminded us

of the upsell potential with SFS. In the US, FLYW could 3x its revenue without Darrin Peller

dpeller@wolferesearch.com

another logo win. SFS penetration is currently only ~10% of FLYW's 1.1k cross- (646) 582-9310

border EDU partnerships, and SFS is estimated to bring a 3-5x multiplier to View Darrin’s Research

revenue and 2-3x to gross profit. View FLYW Model

View Comp Table

●Travel: FLYW continues solving for complexity within the Travel vertical by Griffengdrebing@wolferesearch.comDrebing

removing the payments decision-making process from its clients. Because (646) 582-9314

FLYW is able to accept various types of payment methods from across the Scott Wurtzel

world, clients do not need to establish their own relationships or acceptance swurtzel@wolferesearch.com (646) 582-9313