Payment and receivables solutions provider Flywire has acquired OnPlan Holdings, an Illinois-based payments firm and the parent of OnPlanU and OnPlan Health, for an undisclosed sum.
OnPlanU, a student billing and payment solution, allows colleges and universities to automate account setup and payments in advance, and create customised payment schedules for students. OnPlan Health is a web portal and payment solution that allows providers to settle balances for patients through an automated process.
The acquisition adds a range of capabilities to Flywire such as invoicing, secure payment processing, consumer engagement, recurring payments, automated payment plans, payment tracking, reconciliation, and past due payments.
Existing OnPlan staff will be retained as part of the deal and will operate from its current headquarters outside Chicago.
OnPlan CEO John Talaga and CTO David King will join Flywire’s leadership team and become stakeholders in the firm. Talaga will lead the healthcare unit of Flywire, while King will head Flywire’s product and development teams focussed on education and healthcare.
“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,” Talaga stated.
Flywire CEO Mike Massaro said: “The addition of OnPlan solidifies our market leadership position by enabling us to go deeper to address specific client needs in education and healthcare, and giving our clients the ability to manage all payments and receivables from a single platform. Our clients have been pushing us for this, and the OnPlan team brings a tremendous amount of technical capability and domain expertise to address it.”