Chicago payments startup OnPlan has been acquired by Boston-based FinTech company Flywire.
OnPlan, a payment solution for healthcare and higher ed industries, announced Thursday it has been bought by Flywire, an international payments processor that's raised more than $43 million in venture funding. Its investors include Bain Capital Ventures and Spark Capital.
Terms of the acquisition were not disclosed.
OnPlan launched in 2014 and is the parent company of OnPlanU and OnPlan Health. OnPlanU helps colleges and universities automate account setup and payments in advance, allowing students and parents to set up tailored payment schedules. OnPlan Health offers healthcare providers an automated way to settle balances for patients with high out-of-pocket costs.
OnPlan had raised $2.45 million from angel investors prior to the acquisition, according to a spokeswoman. All 20 of OnPlan's employees will join the Flywire team, and they'll work out of OnPlan’s existing Chicagoland headquarters. OnPlan co-founders John Talaga and David King will both join the Flywire leadership team, the companies said.
"We’re solving distinct, but related problems, both taking cost and friction out of the payment and receivables process," Talaga said in a statement. "While we complement their platform in several important ways, Flywire offers OnPlan tremendous scale with supportive and engaged investors, capital for growth, access to new markets, and a global customer support infrastructure."
