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Payments & Financial Infrastructure

Flywire Executive Compensation (FY25)

FLYW · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Michael Massaro
Latest say-on-pay support
=
June 2, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 17, 2026Latest filing (8-K): June 5, 2026
9 filings cited on this page
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218 figures on this page: 214 cited to the filing that reported them, 4 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michael Massaro: $9,998,817 → $8,803,495 (12.0% lower)
Say-on-pay support: 79.1% → 81.6% (2.5 points higher)
CEO pay ratio: 82:1 → 68:1 (17.1% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Flywire's chief executive and what were they paid?
Total compensation for Michael Massaro, Chief Executive Officer and Director, came to $8,803,495 in fiscal 2025. Compared with the $9,998,817 reported for fiscal 2024, Massaro's total was 12.0% lower.
What was Flywire's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 81.6% of votes cast for or against in favor at the meeting held June 2, 2026.
Which companies are in Flywire's peer group?
Companies named in the disclosed peer group include AvidXchange, Bill Holdings, Inc., EVERTEC, JFrog and Lightspeed Commerce, among others.
What is Flywire's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 68:1, against median employee compensation of $130,407.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Massaro
Chief Executive Officer and Director
◇—◇—◇—◇◇
Robert Orgel
President and Chief Operating Officer
◇—◇—◇—◇◇
David King
Chief Technology Officer
◇—◇—◇—◇◇
Michael Ellis
Chief Financial Officer
◇—◇—◇—◇◇
Sharon Butler
Executive Vice President of Global Education
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Massaro
Chief Executive Officer and Director
◇—◇—◇—◇◇
Robert Orgel
President and Chief Operating Officer
◇—◇—◇—◇◇
David King
Chief Product Officer & Co-President of Global Education
◇—◇—◇—◇◇
Peter Butterfield
General Counsel and Chief Compliance Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Cosmin Pitigoi
Chief Financial Officer
◇—◇—◇—◇◇
Michael Massaro
Chief Executive Officer
◇—◇—◇—◇◇
Robert Orgel
President and Chief Operating Officer
◇—◇—◇—◇◇
David King
Chief Technology Officer
◇—◇—◇—◇◇
Peter Butterfield
General Counsel and Chief Compliance Officer
◇—◇—◇—◇◇
Michael Ellis
former Chief Financial Officer
Departed during or after this year
◇—◇◇——◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Massaro
Chief Executive Officer and Director
◇—◇—◇—◇◇
Robert Orgel
President and Chief Operating Officer
◇—◇—◇—◇◇
Cosmin Pitigoi
Chief Financial Officer
◇—◇—◇—◇◇
David King
Chief Product Officer & Co-President of Global Education
◇—◇—◇—◇◇
Peter Butterfield
General Counsel and Chief Compliance Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Cosmin PitigoiRSU◇——◇——◇
David KingRSU◇——◇——◇
Michael MassaroRSU◇——◇——◇
Peter ButterfieldRSU◇——◇——◇
Robert OrgelRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Michael MassaroRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇—
David KingRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Peter ButterfieldRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Robert OrgelRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Cosmin PitigoiRSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Cosmin Pitigoi
Chief Financial Officer · Employment agreement · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
David King
Chief Product Officer & Co-President of Global Education · Employment agreement · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Michael Massaro
Chief Executive Officer and Director · Employment agreement · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Peter Butterfield
General Counsel and Chief Compliance Officer · Employment agreement · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Phillip Riese
Board chair
◇◇————◇
Edwin Santos
◇◇————◇
Diane Offereins
◇◇————◇
Carleigh Jaques
◇◇————◇
Alex Finkelstein
◇◇————◇
Gretchen Howard
◇◇————◇
Matthew Harris
◇◇————◇
Christine Katziff and Michael Massaro served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • AvidXchange AVDX
  • Bill Holdings, Inc. BILL
  • EVERTEC EVTC
  • JFrog FROG
  • Lightspeed Commerce LSPD
  • Marqeta, Inc. MQ
  • nCino NCNO
  • Nuvei NVEI
  • Pager Duty PD
  • Payoneer Global PAYO
  • Phreesia PHR
  • Remitly Global RELY
  • Repay Holdings RPAY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 2, 2026=◇◇◇
2024June 3, 2025=◇◇◇
2023June 4, 2024=◇◇◇
2022June 6, 2023=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Michael Massaro (Chief Executive Officer and Director), FY2025 total compensation $8,803,495 (base salary $450,000) [exec_comp, SEC accession 0001193125-26-173788, filed 2026-04-23]

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What this page does not include

Everything above is a fact Flywire disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Flywire sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
218 figures on this page: 214 cited to the filing that reported them, 4 calculated from figures it prints.
214 cited to the filing
4 calculated from the filing

Documents cited

  1. 0001580560-26-000009
    Proposal 3: Advisory Vote on Executive Compensation.
  2. 0001193125-26-173788
    DIRECTOR COMPENSATION · FISCAL 2025 SUMMARY COMPENSATION TABLE · Grants of Plan-Based Awards · NON-EMPLOYEE DIRECTOR COMPENSATION · and 3 more sections
  3. 0001193125-25-137051
    Proposal 3: Advisory Vote on Executive Compensation.
  4. 0001193125-25-089231
    Summary Compensation Table
  5. 0001193125-24-157391
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001140361-24-021009
    Summary Compensation Table
  7. 0001193125-23-164473
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-115432
    Fiscal 2022 Summary Compensation Table
  9. 0001193125-25-274358
    EX-10.10 · EX-10.11 · EX-10.7 · EX-10.9
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Flywire executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/FLYW (accessed 2026).
Short form: data: Velarion

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9 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Payments & Financial Infrastructure rankings

Chief executive pay — Payments & Financial InfrastructureCEO pay ratio — Payments & Financial InfrastructureSay-on-pay support — Payments & Financial Infrastructure

Peers Flywire discloses

The companies named in FLYW's own disclosed peer group.

AvidXchangeBill Holdings, Inc.EVERTECJFrogMarqeta, Inc.nCinoPager DutyPayoneer GlobalPhreesiaRemitly GlobalRepay Holdings

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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