Flywire a commoditized product trading for ‘nosebleed multiple,’ says Bear Cave

The Bear Cave, in a new research note calls Flywire a commoditized product trading for a “nosebleed multiple,” with growing competition slowly eating away at the company’s client base .Flywire has fallen about 35% since its May 2021 IPO, partly driven by $250M of management and venture capitalist insider selling and investor concerns around Flywire’s decelerating revenue growth, The Bear Cave says, adding that one reason for that deceleration may be increasing competition and dissatisfied customers. On Wednesday, The Bear Cave said it planned to expose a $2B+ company with multiple near-term negative catalysts the market is missing.