cust.co / Compare / Flywire vs Morningstar

Flywire vs Morningstar - NRR head-to-head

Side-by-side Net Revenue Retention comparison sourced from SEC filings and earnings releases. Both compete in Fintech SaaS. Both at Public stage.

Flywire leads by +9pp on latest NRR (110% vs 101%).

NRR over time

97%106%114%122%131% FY-2023FY2024-Q3FY-2024FY2024-Q4FY-2025FY-2021 NRR Flywire Morningstar Flywire - FY-2023: 125% Flywire - FY2024-Q3: 120% Flywire - FY-2024: 114% Flywire - FY2024-Q4: 114% Flywire - FY-2025: 110% Morningstar - FY-2025: 101% Morningstar - FY-2021: 127%

Morningstar hit a higher all-time peak (127% in FY-2021).

Stat-by-stat

Metric Flywire Morningstar
Latest NRR 110% 101%
All-time peak NRR 125% 127%
All-time low NRR 110% 101%
QoQ change -4pp -26pp
YoY change -15pp -
3-year change - -
Disclosures tracked 5 2

Customer cohorts

MetricFlywireMorningstar
Total customers 5,000 10,200
Over $100K ARR - -
Over $1M ARR - -
Top-10 concentration - -
Average ACV - -
US revenue mix 30% 71.8%

Commercial structure

MetricFlywireMorningstar
Total RPO - $1.5B
Current RPO (12mo) - $1.1B
Multi-year contracts - -
Avg contract length - -
Subscription rev mix - 70.3%
New customers added 180 3,100

Post-sales motion

MetricFlywireMorningstar
CS team size - -
Customers per CSM - -
Pricing model hybrid -
Renewal cadence annual -
CSM coverage model - -
Top customer exec - -

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