Mangrove Partners Loads Up Flywire With 2.9 Million Shares

Company Overview - Flywire Corporation operates as a technology-driven payment enablement and software provider, focusing on complex payment flows for both international and domestic clients [5] - The company utilizes a proprietary platform to streamline payments and collections across various industries and geographies, offering a competitive edge through its integrated network and vertical expertise [5] - Flywire serves primary customer segments including education, healthcare, travel, and business-to-business organizations, with headquarters in Boston, Massachusetts, and operations in the United States, Canada, the United Kingdom, and internationally [8] Financial Performance - As of September 30, 2025, Flywire reported a revenue of $583.03 million and a net income of -$2.44 million [3] - The company's shares were priced at $13.84 as of November 13, 2025, reflecting a 36.01% decline over the past year, underperforming the S&P 500 by 51.43 percentage points [7] - Flywire's market capitalization is approximately $1.8 billion, with a gross margin of 58.28% [10] Investment Activity - Mangrove Partners IM, LLC established a new equity stake in Flywire by purchasing 2,901,693 shares during the third quarter of 2025, valued at approximately $39.29 million [2] - This new position represents 2.91% of Mangrove Partners' 13F reportable assets under management as of September 30, 2025, making Flywire the 11th largest position in the fund [3][9] - Flywire was the largest purchase made by Mangrove Partners in Q3 2025, indicating a strategic investment decision despite the fund's larger positions being heavily geared toward industrial stocks [9] Market Position and Outlook - Flywire appears to have identified a niche within the fintech industry, with its global payments platform potentially offering specialized services akin to platforms like Toast or Shift4 [11] - The forward P/E ratio of 18 suggests that Flywire's stock may be undervalued, despite a high trailing P/E ratio of 328 [10]