peerTransfer signs up university No. 100 amid steady Q1 growth
Boston startup peerTransfer said Wednesday that 100 universities in North America are now using its service, which aims to provide a cheaper and easier international transfer of tuition funds.
The startup is backed by $8.5 million from investors including Boston-based Spark Capital (backer of Twitter, foursquare and Tumblr) and Accel Partners of Silicon Valley (Facebook, Spotify, Cloudera), along with local backer Boston Seed Capital.
Cornell University marked the 100th university to sign on with peerTransfer, the company said, during a first-quarter which saw the company bring on 37 new partner schools. Among the others to join are MIT, UMass-Amherst and Rutgers.
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.
Points noted by peerTransfer about its traction so far:
• Company has processed payments from 152 countries
• 38 percent of payments processed have come from China, India and South Korea
• peerTransfer has been able to process payments from Venezuela, which the company said is “notoriously difficult to make international payments from”
Founded in 2009 by MIT Sloan grad Iker Marcaide, who is CEO of the company, peerTransfer moved its office from Cambridge to 200 Portland St. in Boston last fall. The company closed its Series A funding, a $7.5 million round led by Spark Capital, last August.
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VC Editor – Boston Business Journal