peerTransfer adds $6.2M, names new CEO

Boston Business Journal – By Kyle Alspach

Boston-based tuition payments service peerTransfer recently raised $6.2 million in new funding, and added Fidelity-affiliated Devonshire Investors as part of the round.

The firm also said it has promoted VP of sales and marketing Mike Massaro to CEO. He takes over for company founder Iker Marcaide, who will now lead strategic initiatives for the company.

Existing investors took part in the new funding as well, Massaro said. Existing investors include Spark Capital, QED Investors and Maveron.

PeerTransfer’s service aims to provide a cheaper and easier international transfer of tuition funds, and the company says it’s working with more than 400 educational institutions.

Founded in 2009, peerTransfer has now raised $21.1 million to date. The firm had raised $6.4 million in June.

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