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

Partnership Overview - Flywire partners with HDFC Credila, India's largest private student loan provider, to digitize cross-border payments for Indian students studying abroad [1][4] - The partnership enables Indian students to pay their educational institutions directly in Indian Rupees, simplifying the payment process [2][4] - Flywire estimates the Indian student loan market to be approximately $3+ billion in annual payment volume [4] Benefits for Stakeholders - HDFC Credila gains full transparency and trackability of overseas payments, while students benefit from an upgraded payment experience [2][5] - Flywire's technology simplifies Tax Collected at Source (TCS) calculations, saving time and money for both students and loan providers [5][7] - The partnership positions Flywire as the preferred payment method for students using HDFC Credila as their primary loan provider [17] Market Opportunity and Expansion - Flywire aims to capitalize on the significant market opportunity in India, where education loans are in high demand, with NBFCs witnessing a 43% growth in their education loan book in the first half of 2023 [17] - The company has expanded its footprint in India by establishing direct integrations with the country's three largest banks: State Bank of India, HDFC Bank, and ICICI Bank [14] - Flywire has invested in local payer support, offering around-the-clock assistance in 8 Indian languages and expanding its network of education agents and counselors [14] Company Background - Flywire supports over 4,000 clients with diverse payment methods in more than 140 currencies across 240+ countries and territories [3] - The company specializes in vertical-specific software and payments technology, serving education, healthcare, travel, and key B2B industries [10] - HDFC Credila has funded over 178,000 Indian students pursuing 3,300+ courses across 4,600+ universities in 63 countries since its inception [19] Strategic Impact - The partnership builds on Flywire's existing success in India and aligns with the growing trend of Indian students seeking overseas education [4][13] - Flywire's collaboration with HDFC Credila addresses a critical market need by streamlining the traditionally complex process of cross-border education payments [7][8] - The initiative enhances Flywire's position as a global leader in payments enablement and software solutions for education-related transactions [18]