PayPal FP&A exec jumps to Flywire CFO seat

Dive Brief:

Payments and software company Flywire on Thursday named Cosmin Pitigoi, 47, to succeed its long-time CFO Michael Ellis, effective March 4, according to a release. Ellis will remain on as a senior advisor to help with the transition.
The move comes roughly six months after the Boston-based company announced Ellis would be leaving in 2024, citing the need for new leadership in the finance, global treasury and public markets area, according to Industry Dive sister publication Payments Dive. Ellis, who describes himself as a “classically trained CPA” on his LinkedIn account, has been Flywire’s CFO since 2015.
“Given Flywire’s continued growth, we looked for a financial leader who could help us scale financial operations, optimize costs and improve our global footprint,” said Mike Massaro, CEO of Flywire in a statement included in the release. “Cosmin brings decades of senior financial leadership and a proven track record in scaling organizations in complex global environments. He is the ideal CFO to help us achieve the next level of scale and solidify our position as a leader in global payments.”

Dive Insight:

Pitigoi’s exit from San Jose, California-based payments giant PayPal comes on the heels of another senior finance exec’s departure. Earlier this month Gabrielle Rabinovitch left the company to take the top financial seat for merchant payments provider Worldpay after serving as PayPal CFO on an acting basis for about two years.

In a statement Pitigoi praised Flywire for bringing a “powerful combination of payments and software to larger vertical industries” with significant growth potential. The company said it has more than 3,700 clients across the education, healthcare, travel and B2B industries.

Prior to joining Flywire, Pitigoi served in various roles for 11 years at PayPal, most recently senior vice president of global FP&A, Operational Finance and Pricing. Before that he held a number of senior finance roles at eBay and eBay Marketplaces, according to his LinkedIn account. He also holds an MBA from Santa Clara University.

Pitigoi will be paid a base annual salary of $410,000 and he will be eligible for an annual target bonus of $300,000, according to a Securities and Exchange Commission filing.

Last year, Flywire grew in part through acquisitions. The company has aimed to expand its education vertical, acquiring StudyLink, an Australian education software-as-a-service company in November for a purchase price of about $38.8 million, Payments Dive reported. StudyLink serves universities throughout Australia with its international student admissions, application and agent management software.