Flywire focuses on payments in the education, healthcare, travel and business-to-business verticals. The company embeds its software and payments technology in existing accounts receivable workflows.

Flywire’s Invoiced acquisition comes as the company faces mixed financial results. While its second-quarter revenue rose 22% over the year-ago quarter to $103.7 million, it reported a net loss of $13.9 million for the quarter. For the first quarter, the company reported revenue climbed 21% to $114.1 million, but posted a $6.2 million net loss. 

Last year, Flywire made another deal to expand its business. In November, the company bought the Australian education software-as-a-service provider StudyLink for $38.8 million in cash and additional amounts contingent on performance. StudyLink let the company expand in the Australian education segment. 

Through the latest deal, Flywire aims to expand on its B2B service offering by adding Invoiced’s invoicing services for the office of the CFO and finance teams that “automate the critical order-to-cash process,” the press release said. The Invoiced business is based in Austin, Texas.

Overall, Flywire seeks to tap deeper into the growing B2B segment, which generates an estimated $10 trillion in worldwide payment volume, per the release. 

“We seek M&A opportunities that will help us enhance our value proposition and strengthen our financial performance, while underscoring our core thesis that software drives value in payments,” Flywire CEO Mike Massaro said in the release. “We believe Invoiced is an ideal software complement to our existing B2B payments business. Invoiced will help us significantly accelerate our product roadmap, and its accounts receivable product focus has strong alignment with Flywire’s global payment acceptance capabilities.”

Beyond buying companies to boost its bottom line, Flywire has also added a new face to its C-suite. In February, the company appointed Cosmin Pitigoi as its new CFO. He succeeded former CFO Michael Ellis. Pitigoi joined the company from PayPal.