International tuition-payment startup peerTransfer is now Flywire
Beta Boston – Curt Woodward
A fast-growing company that helps international students make their tuition payments is getting new offices and a new name.
Boston-based PeerTransfer is changing its name to Flywire. The company also is expanding its offices in Boston and Valencia, Spain.
The name change could signal new payment services for Flywire, which was founded by an MIT graduate student whose wire transfer from Spain to the US disappeared somewhere in the system.
In a news release, Flywire says the branding change sets up for “expansion of its products and services, and creation of lasting relationships with its payment users.”
Flywire’s core service works essentially like a regular wire transfer, allowing students or parents to pay international tuition bills in their local currency. Flywire has said it saves students money on those transfers because it bundles payments and negotiates lower currency exchange rates with banks.
Flywire already works with some 750 schools in the US, Asia, and Europe. The company says it processed $1 billion in payments during the 2014-2015 school year, and expects that to double this year. The service has been used in more than 200 countries.
At the beginning of the year, the company had 15 employees in Boston, and 47 worldwide. Currently, the employee count is 30 in Boston, and 81 worldwide, and Flywire expects to grow to 35 employees in Boston and 90 worldwide by the end of the year, according to a spokeswoman.
The former peerTransfer raised a $22 million investment in July led by Bain Capital Ventures. Flywire has raised a total of about $43 million since its founding.← Back to Articles