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Payment Firms Paymentus, Flywire Jump 40% in U.S. Listings

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(Bloomberg) -- A pair of payment firms each rose more than 40% in their initial public offerings in the U.S. on Wednesday.

Paymentus Holdings Inc. opened at $28.76 Thursday after selling shares at $21 each. Flywire Corp. opened at $34 after pricing at $24. Paymentus raised $210 million while Flywire raised $250 million. Paymentus was up about 37% at 3:13 p.m. in New York while Flywire was up 43%.

Following a volatile week in the stock market, listings of technology and internet companies have come back with greater volume and eye-popping first day gains -- a fixture in the U.S. IPO market.

ZipRecruiter Inc., a recruitment technology company that went public through a direct listing, rose as much as 8.5% on Wednesday.

For its part, Paymentus has a diverse customer base, according to Chief Executive Officer Dushyant Sharma.

“We have built an operating system for bill payments, which allows billing companies of all sizes in all major industries -- such as utilities, insurance, auto, finance, mortgage, telecom, health care and government,” Sharma said in an interview.

Flywire, in turn, is taking aim at legacy players.

“We see ourselves competing against old school inefficient payments,” said Alex Finkelstein, Flywire board member and general partner at Spark Capital.

Paymentus and Flywire each have a market value of about $3.3 billion.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. led both offerings.

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