peerTransfer Announces Record Setting 2013, Bringing Total Customer Base to 400 Institutions

peerTransfer, the leading provider of global payment solutions for the education industry, continued to demonstrate exceptional results during 2013, solidifying its position as the market leader in the international education payments industry.

peerTransfer added over 160 new client schools during 2013, including clients such as the University of Michigan, University of Pennsylvania, University of South Florida, University of Chicago, University of New Hampshire and Curtin University. These new additions push the total number of educational institutions using the peerTransfer solution to over 400 across the United States, Canada, Australia and the United Kingdom.

The company streamlines international payment reconciliation and support systems for educational institutions, giving their international students and families a simpler, cheaper and better way to pay tuition and fees using their home currency. Since accepting its first payment in 2011, the company has served students and families from over 200 countries and territories.

The company not only grew its customer base but also increased its financial profile, raising a total of $12.6M during 2013 from leading investors, such as Spark Capital, QED Investors, Devonshire Investors, KIBO Ventures and FIDES.

The new investors have allowed peerTransfer to add greater depth and experience to its Board of Directors. John Raguin, Managing Director of Devonshire Investors, has joined the board and Philip Riese, an independent board member and former president of American Express Card Services, has recently been appointed Chairman.

The company also announced the promotion of Mike Massaro, former Vice President of Sales, Marketing, and Business Development at peerTransfer to Chief Executive Officer. Founder of peerTransfer, Iker Marcaide, will now lead strategic initiatives for the company.

“I am thrilled with what we have accomplished so far and am excited to see how we can take our award-winning solution even further to improve the international payment experience, “ said Massaro.

During the second half of 2013, the demand for peerTransfer’s solution increased dramatically at educational institutions in Australia, Canada, and the United Kingdom. With 17 percent market share already in Australia, the company expects to see considerable growth in these new markets.

“Since first investing in peerTransfer three years ago, we’ve seen the demand for improved cross-border payment solutions grow exponentially,” said Alex Finkelstein, General Partner at Spark Capital. “We expect to see this trend continue, and peerTransfer is uniquely positioned to take advantage of it.”

peerTransfer is the leading developer of innovative global payment solutions for the education industry. The company enables thousands of international students and hundreds of schools from all over the world to save time and money when making or receiving international payments. Compared to using traditional banks, students can save on lower fees, enjoy a more convenient online experience, and receive superior customer service when dealing with the complexities of international payments. Schools benefit from peerTransfer’s free solution because they remain compliant with ever-changing international regulations and save time and money by improving the processing and posting of international payments. The company is headquartered in Boston, with additional offices in Europe.

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