One of the city’s largest and fastest-growing financial services technology companies is reportedly planning an initial public offering later this year.
Payment tech company Flywire Corp., which has 100 employees in Boston, has hired investment banks Goldman Sachs Group Inc. (NYSE: GS) and JPMorgan Chase & Co. (NYSE: JPM) to work on its listing, sources told Reuters on Friday.
The IPO, which is slated as early as this summer, could value the Boston-based fintech company at around $3 billion, according to the story.
The company declined to comment on the Reuters report. Mike Massaro, CEO of Flywire, did not immediately return a request for comment.
Flywire is one of a handful of tech company in Boston that's rumored to go public in 2021. Data market research firm PitchBook included AI company DataRobot Inc. and cybersecurity provider Cybereason Inc. in its IPO pipeline predictions. Both companies haven't shared any information about their potential IPO plans, however.
Last year, many of the companies that decided to go public opted to do so via an accelerated procedure involving a special purpose acquisition company, or SPAC. Yet, local firms such as insurance technology firm Duck Creek Technologies Inc. (Nasdaq: DCT), which offers software-as-a-service to insurers, and telehealth provider American Well Corp. (NYSE: AMWL), which raised $742 million in an upsized IPO, went through the traditional IPO process.
Founded in 2011, Flywire aims to simplify international payments, particularly in the education, health care and travel industries. The company is one of the most recent Massachusetts tech unicorns, or companies valued at least $1 billion. It hit that threshold last year, after a $120 million round led by Goldman Sachs. Other backers include Singaporean investment firm Temasek Holdings and earlier investors Bain Capital Ventures and F-Prime Capital.
Last year, the company also added an entire new floor to its Boston headquarters at 141 Tremont St., where the company now occupies over 16,400 square feet.
Massaro became Flywire’s CEO in late 2013, approximately three years after the startup graduated from the Boston accelerator program in 2010.
2020 IPO money-makers
Holdings: Polaris' 3.2 million shares of Pandion Therapeutics stock and 2.7 million shares of SQZ Biotechnologies Corp. stock were worth a combined $100.8 million when the companies went public.
Pictured: Polaris Partners' Amy Schulman.
Holdings: C4 Therapeutics' co-founder and interim CEO Marc Cohen and his brother Alain Cohen each held shares of C4 stock heading into the company's IPO, while the investment firm they co-founded, Cobro Ventures, also held C4 stock. With a launch price of $19 per share, the combined 6.1 million shares were worth $116 million.
Pictured: Marc Cohen.
Holdings: Forbion held 6.1 million shares of Dyne Therapeutics heading into its IPO — stock that was worth $116 million.
Pictured: Forbion Capital co-founder and managing partner Sander Slootweg.
Holdings: The UBS Oncology Impact Fund, which is a collaboration between MPM Capital and UBS Wealth Management, held shares in Repare Therapeutics, iTeos Therapeutics and Oncorus Inc. Those shares were worth a combined $118.3 million when the companies went public this year. Pictured: A UBS Financial Services logo.
Holdings: Bain Capital Life Sciences held 5.4 million shares of Atea Pharmaceuticals stock that were worth $129.6 million when the company went public this year.
Pictured: Adam Koppel, managing director of Bain Capital Life Sciences.
Holdings: JPM Partners held 6 million Atea Pharmaceuticals shares when the company went public at $24 per share, making those holdings worth $144 million.
Pictured: Jean-Pierre Sommadossi, CEO of Atea Pharmaceuticals and manager of JPM Partners.
Holdings: The investment firm held 6.5 million shares of Atea Pharmaceuticals stock that were worth $156 million when the company went public this year.
Pictured: Morningside Ventures was founded by the Chan family of Hong Kong, who also made a gift to Harvard University, leading to public health school to be renamed for them.
Holdings: When Praxis Precision Medicine went public earlier this year, Blackstone held 8.5 million shares that were worth $161.5 million.
Pictured: Blackstone Private Equity Head Joe Baratta.
Holdings: RA Capital held stock in Forma Therapeutics, Dyne Therapeutics and iTeos Therapeutics that was worth a combined $197 million when the companies went public this year.
Pictured: RA Capital's Peter Kolchinsky.
Holdings: Flagship held 12.5 million shares of Foghorn Therapeutics stock that was worth $200 million when the biotech went public at $16 per share.
Pictured: Flagship Pioneering founder and CEO Noubar Afeyan.
Holdings: Cormorant's stock in Atea Pharmaceuticals and C4 Therapeutics that were worth a combined $201.1 million.
Pictured: Cormorant founder Bihua Chen.
Holdings: The firm's holdings in Black Diamond Therapeutics, Imara Inc., Akouos Inc. and Inozyme Pharma were worth a combined $204.6 million.
Pictured: New Enterprise Associates' Sara Nayeem.
Holdings: The drug giant had invested in CureVac Inc. before the company's IPO, and held $240 million worth of stock when the biotech went public at $16 per share.
Pictured: A sign outside of one of GlaxoSmithKline's offices.
Holdings: MPM Capital held shares in four Massachusetts biotechs that went public this year: Repare Therapeutics, iTeos Therapeutics, Dyne Therapeutics and Oncorous Inc. Those shares were worth a combined $258 million.
Pictured: Dana-Farber Cancer Institute CEO Laurie Glimcher and MPM Capital Co-founder Ansbert Gadicke.
Holdings: The venture capital firm's 13.4 million shares of Relay Therapeutics stock were worth $268 million when the company went public at $20 per share.
Pictured: Third Rock Ventures co-founder Mark Levin.
Holdings: Versant held shares in Pandion Therapeutics, Repare Therapeutics and Black Diamond Therapeutics that were worth a combined $419.5 million.
Pictured: Versant Ventures Chairman Brad Bolzon.
Holdings: The German government invested in CureVac this year, and held $478.4 million worth of stock in the biotech when it went public this year.
Pictured: German Chancellor Angela Merkel.
Holdings: Through its subsidiary SVF Pauling, SoftBank held $558 million worth of stock in Relay Therapeutics.
Pictured: SoftBank Group Corp Chairman and CEO Masayoshi Son.
Holdings: Between its shares in Generation Bio, Kymera Therapeutics and Dyne Therapeutics, Atlas Venture held shares worth $603.7 million when the companies went public.
Pictured: The entryway of Atlas Venture's headquarters in Cambridge.
