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To answer that question, 蹤獲弝け took a look at founders and CEOs across several groupings of startup unicorns. The research included the most heavily funded private companies, newly minted unicorns and companies that recently crossed the $5 billion valuation mark.

The short answer? Yes, immigrants are still heavily represented in the ranks of U.S. unicorn founders and CEOs. They hail from multiple continents, and are leading companies in sectors from e-commerce to crypto to pharmaceuticals.

The long answer? Yes, but maybe less so. Early data indicates the proportion of high-valuation U.S. startups founded or led by immigrants may be trending down some. One factor is the growth of startup hubs outside the U.S., making it easier for founders to launch companies in their home country. The other, most notorious factor: the hurdles of securing a visa as a would-be startup founder.

���There is no visa specifically for someone who wants to start a company,��� according to , founding partner at , a Silicon Valley-based firm that invests in U.S. startups with immigrant founders.

While U.S. student enrollment of foreign nationals roughly doubled from 2007 to 2018, there hasn���t been a corresponding strategy to speed or simplify graduates��� pursuit of a green card, Mehta said. And although that issue predates Trump���s election, the current administration hasn���t helped, deciding not to implement an Obama-era .

Still, a striking percentage of funded private companies that crossed the $1 billion valuation threshold this past year are immigrant founded. Below, we take a look at 19 such companies, along with a look founders��� countries of origin.

We also look at the most heavily funded, highest-valuation private companies overall with immigrant founders and CEOs.

The big picture

If investors are backing fewer immigrant-led U.S. startups, it may be because there are fewer available to back. For the 2018-19 period, U.S. immigration declined to 595,000 people���the lowest level since the 1980s, according to one oft-cited . It���s a level that leaves even some members of the Trump administration���s inner circle concerned that immigration levels are to support economic growth.

Of course, one needn���t be a new immigrant to launch a high-flying startup. Many of the successful founders on our lists above immigrated years or decades before their companies took flight. The lists, overall, include immigrants who arrived in the U.S. as children as well as those who came later, commonly to attend universities.

Lastly, we should keep in mind that immigration, like unicorns, venture funding and startup valuations, has historically been rather cyclical. The issues confronting immigrant founders today may very well fade away or morph into something completely different in coming years.

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(which has been ramping up its startup investment as of late) led the round, which also included participation from and along with existing backer , which used its pro rata, according to Flywire.

The new financing takes Flywire���s since its 2011 inception to $263.2 million, according to 蹤獲弝け data.

Flywire also announced it has acquired , a developer of payments software for the health care industry that had raised $36.4 million in venture capital funding.

In a phone conversation with Flywire CEO , I learned more about what the company does and how much it���s grown. He was refreshingly transparent.

So, let���s get into the details.

More than software

Fundamentally, Flywire is a payments company but it has also built software to help process payments. (Which makes it both a SaaS operator and a transactions platform.) Its focus is on the education, health care and travel industry verticals.

���All three are fraught with a lack of digitization, and are inherently complex with legacy systems involved,��� Massaro told 蹤獲弝け News. ���We think these areas have been underserved.���

To date Flywire says it has processed over $12 billion in total payments volume for over 2,000 clients around the world. Seven of the eight Ivy League schools use it to collect cross-border payments, for example. As do hundreds of hospitals, including the top four hospital systems in the United States. People going on exotic trips such as African safaris can use it during their travel.

���We don���t just deliver the software that helps around payments,��� Massaro said. ���We actually move the money.��� In fact, it claims to ���move billions of dollars across 200+ countries and 150 currencies.���

Flywire has two revenue streams. It makes SaaS revenue off the software it���s using to help clients such as , or . But the majority of its revenue is transaction-based.

Speaking of which, Flywire is a unicorn with ���well over $100 million in revenue,��� according to Massaro. Despite being around for nine years, it���s still seeing nearly 40 percent revenue growth year over year, he said.

It also has 530 employees, which is 10 times the 50 it had just five years ago.

Massaro expects Flywire to return to profitability this year, and said the company has been ���very capital efficient.���

���Prior to this round, we had $45 miillion in cash on the balance sheet, and now we have about $75 million to $80 million,��� he told me. ���And we don���t expect to burn a lot this year.���

Acquisition

In acquiring Simplee, Flywire picked up a competitor, sort of. Flywire has historically focused on the provider side, helping digitize their back offices. Simplee is focused more on the patient experience.

���We both help providers engage their patients digitally,��� Massaro said. ���They can help explain the cost of patients��� medical care, and how much they owe insurance, in addition to helping them digitize payments.���

With the buy, Flywire also expanded its geographical footprint, as Simplee has offices in Palo Alto and Tel Aviv. In addition to its Boston headquarters, Flywire has 10 offices, including locations in Europe and Asia.

Last year, the company expanded into Latin America and plans to continue that expansion geographically. It also plans to double down on all its verticals.

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