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Financial services continue to draw venture capital

Financial services continue to draw venture capital with peerTransfer Inc. rounding up $1.1 million from Spark Capital and angel investors. The Boston-based company promises to provide low-cost transfers of money internationally. Its insight is that while some people look to transfer money in one direction, others in the same country are looking to send money in the opposite direction. Using technology to connect them can save on international money-transfer fees.

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Money Transfer Site Attracts Venture Capital

PeerTransfer, a Boston-based Web service that specializes in international money transfers and payments, said Thursday that it had secured its first round of venture funding, worth $1.1 million.

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peerTransfer Secures Funding from Spark Capital and Well Known Angels

Boston, Mass. (October 28th, 2010) – peerTransfer, the pioneer in low cost online international money transfer and global payments, today announced that it has secured financing led by Spark Capital and well known angels including Dave McClure (500Startups and formerly of PayPal), John Landry (former CTO of Lotus) and Jim Hornthal (co-founder of Travelocity). Founded at MIT, peerTransfer enables individuals and businesses to transfer money between international bank accounts more conveniently and up to five times lower cost, compared to traditional banking and wire services.

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