Secured funding
peerTransfer, a Boston-based firm that provides payment solutions aimed at the education sector, has received USD6.4m from a funding round led by QED Investors, with participation from FIDES and KIBO Ventures, as well as from existing investors Spark Capital and Maveron. peerTransfer, which launched in 2009, allows foreign students to send deposits of cash.
These deposits are then converted by peerTransfer into the relevant currency and are then used to pay off tuition fees and make any other outstanding payments. peerTransfer will use the new funding to expand its software to more schools and countries globally.
“In the international payment market, trillions of dollars move across borders in a process that is full of inefficiencies and excessive costs for the payer and the recipients. At peerTransfer, we are excited to continue our global expansion and invest in new products that will further improve the process of making and receiving international payments,” said Iker Marcaide, Founder and CEO of peerTransfer.
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