Flywire partners with HDFC Credila to streamline cross-border education loan payments from India

Company Overview - Flywire supports over 4,000 clients with diverse payment methods in more than 140 currencies across 240+ countries and territories [1] - The company is headquartered in Boston, MA, with global offices [1] - Flywire is a global payments enablement and software company that combines proprietary global payments network, next-gen payments platform, and vertical-specific software [11] - Flywire leverages its vertical-specific software and payments technology to embed within existing A/R workflows across education, healthcare, travel, and key B2B industries [12] Partnership with HDFC Credila - Flywire partners with HDFC Credila, India's largest private loan provider, to digitize cross-border payment experience for education loans [3] - The partnership simplifies the complex process of making cross-border education payments, particularly for students using education loans [4] - HDFC Credila is India's first dedicated Education Loan Company, offering customized student loans with unique features and benefits [5] - The partnership positions Flywire as the preferred payment method for students using Credila as their primary loan provider [8] - Flywire estimates the Indian student loan market opportunity to be approximately $3+ billion in annual payment volume [7] Market Opportunity and Growth - Flywire expands its footprint in India to capitalize on the billions of dollars of payment volume from education loans [3] - In the first half of 2023, NBFCs in India witnessed a growth of over 43% in their education loan book, driven by demand for overseas education loans [8] - Flywire has established direct integrations with India's three largest banks: State Bank of India, HDFC Bank, and ICICI Bank, accelerating its footprint across the region [10] - Flywire has invested in local payer support, offering around-the-clock support in 8 Indian languages and expanding its network of education agents and counselors [10] Operational Benefits - The partnership with HDFC Credila enables Indian payers to seamlessly and digitally disburse their loan payments in Indian Rupees directly to higher education institutions worldwide [7] - Flywire's solution allows students to track payments through to when funds are delivered to their university [8] - Flywire's software and payments technology provide full visibility into each loan payment, streamline refunds, and simplify Tax Collected at Source (TCS) calculations, ensuring compliance with tax regulations [15] Strategic Impact - The partnership with HDFC Credila builds on Flywire's existing success in India and helps the company capitalize on the significant market opportunity around Indian student loans [7] - Flywire's collaboration with HDFC Credila solves critical market needs for both students and lenders, improving the way student loans are disbursed from India [9] - HDFC Credila benefits from full transparency and trackability of overseas payments through the partnership with Flywire [9]