I used to suspect that they do not layoff because low revenues, but instead they sack people based on not meeting artificial performance requirements for hiding economical problems.
I stumbled upon this article wrote two years ago that, indeed, confirmed my guess: https://www.estrategiadeproducto.com/p/como-despide-el-sector-tecnologico
So, based on the above, Flywire strategy is to make up situations and statistics to fire people. That way, they play to not scare investors and keep the image of a friendly company that cares after employees.
This implies, some harassment situations may arise, like isolating team members and not giving them the right environment to do their work. I can say this was my situation, but won't enter into details because of not being identified. All what I can say is, this is something they do sistematically and they confess it in the dismissal meeting, probably for avoiding the (former) employee to take legal actions.
Nonetheless and as one could expect, truth is truth and hurting and shrinking workforce won't make the products it offers more valuable. Flywire started in the stock market with a value of $45 and now it went down relentless to $16.