peerTransfer raises $6.4M to grow tuition transfer service

Boston Business Journal – By Kyle Alspach

Boston-based peerTransfer on Tuesday announced $6.4 million in new venture funding to expand its service, which aims to provide a cheaper and easier international transfer of tuition funds.

peerTransfer reports it’s now working with more than 350 educational institutions across North America, Europe and Australia.
Along with offering benefits for students (including lower bank fees and local language support), peerTransfer says its service appeals to universities because it makes it easier to reconcile the tuition payments that have been transferred.

Founded in 2009 by MIT Sloan grad Iker Marcaide, who is CEO of the company, peerTransfer has now raised $14.9 million to date.
Backers in the new round include QED Investors, where the investment was led by Nigel Morris, co-founder of Capital One Financial Services.

Other investors included Spark Capital of Boston, Maveron (of Seattle and San Francisco), along with two Spain-based firms, FIDES and KIBO Ventures.

peerTransfer plans to use the funding to accelerate its global expansion and invest in new product development.

The firm reports employing 41 full-time, with 15 of those in Boston; peerTransfer also operates a major office in Spain.

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