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TR35 Spain Spotlight: Iker Marcaide

Iker Marcaide is a personified example of how to use a setback. While working in London for the Boston Consulting Group, he began the process of enrolling in the School of Business Administration and Massachusetts Institute of Technology, located in Boston.

It was then when he experienced the difficulties of making international payments, with high bank rates and the frustrating feeling that, despite all efforts, the money did not arrive on time. Far from being discouraged, he transformed these problems into a business idea and founded PeerTranfer, a company that aims to simplify international money transfers thereby saving time and money.

The focus of the innovative peerTransfer, which use is free, goes to the higher education sector, both students and universities. Its operation is based on a platform which is accessed through the Internet where a student or institution simply enters their country of origin and the amount, and then states the money saved by transferring through this system. This savings is possible because, unlike banks, peerTransfer does not charge commissions, but rather a small margin marked by the currency exchange rate. This is something they have achieved with the development of a lower-cost infrastructure, which runs through the currency markets.

This idea has earned Marcaide a spot within the 10 chosen by the TR35 Spain jury. Isaac de la Peña, director and senior partner at MicroStrategy and associate at Inveready in the Technology Investment Group and one of the judges of the competition, said that despite his youth, Marcaide has proven to be “a technologically innovative person in a mature industry with a lack of dynamism.” His talent has been recognized internationally and his product has received the award for ‘Best consumer technology that makes life easier, awarded in June 2011 by MIT.

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By: Isabel Diaz, Opinno (www.opinno.com)

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