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.
Boston, MA (PRWEB) June 25, 2013
peerTransfer, the leading provider of global payment solutions for the education industry, announced today that it closed $6.4 million in new funding. The investments came from QED Investors, led by Nigel Morris, co-founder of Capital One Financial Services, and FIDES and KIBO Ventures, both in Madrid, Spain. Existing investors also participated in the round, including Spark Capital and Maveron. The funds will be used to accelerate global expansion of the company and to invest in new product development.
peerTransfer continues to transform international payments for the education industry. The company currently works with over 350 educational institutions across North America, Europe, and Australia, such as Cornell University, University of Illinois, University of Pennsylvania and University of Washington. By partnering directly with universities, colleges, and K-12 schools, peerTransfer can provide a more streamlined payment process and help solve the complexities associated with international payments.
“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.
To date, peerTransfer has processed payments from over 190 countries. “The company has demonstrated impressive results during the last two and a half years,” said Nigel Morris, Managing Partner at QED Investor. “We are confident that peerTransfer is well positioned to lead the international payments space for education and beyond.”
peerTransfer helps international students and families save money by providing better currency exchange rates and allowing them to conveniently pay tuition and fees using their home currency. In addition, by partnering with peerTransfer, educational institutions realize a streamlined reconciliation process coupled with the ability to provide a customized international payment and support experience for their students and families.
“peerTransfer is transforming the way the education market handles international payments, which is in line with our mission to invest in innovative companies that drive economic growth. I am thrilled to be part of the peerTransfer team,” said Luis Manuel Rivera Novo, the General Manager of FJME (which is the foundation that represents FIDES) who recently joined peerTransfer’s Board of Directors.
The new funding will allow peerTransfer to continue to expand its education payment solution globally and support new product efforts that will transform the international payments space.
peerTransfer is the leading developer of innovative global payment solutions for the education industry. The company enables thousands of international students and hundreds of schools from all over the world to save time and money when making or receiving international payments. Compared to using traditional banks, students can save on lower fees, enjoy a more convenient online experience, and receive superior customer service when dealing with the complexities of international payments. Schools benefit from peerTransfer's free solution because they remain compliant with ever-changing international regulations and save time and money by improving the processing and posting of international payments. The company is headquartered in Boston, with additional offices in Europe.
For more information, visit http://www.peerTransfer.com.
About QED Investors
QED Investors is a boutique venture capital firm that actively supports high-growth businesses that use information to compete — and win. Support is tailored to the specific needs of each portfolio company, typically providing a combination of both capital and capability. Using operationally oriented skills that are both fundamentally applicable and broadly transferable, QED enjoys working closely with a small set of carefully selected companies that range in size and style.
For more information, visit http://qedinvestors.com/.
About FIDES and FJME
The José Manuel Entrecanales Foundation for Innovation and Sustainability (FJME) was set up in 2009 to promote innovative business initiatives that contribute towards sustainable economic development. Since early 2011, the Foundation has been promoting the creation of a private investment group, FIDES, made up of top-tier Spanish business leaders that provide capital for a number of projects and companies selected and supported by the FJME.
For more information, visit http://www.fjme.org
Kibo Ventures is a Venture Capital firm based in Madrid (Spain), with a preeminent position in the Spanish market and a Super Angel investment approach.
Its team is currently investing the Amerigo Innvierte Spain Technologies FCR Fund, part of the Amerigo network sponsored by Telefónica and CDTI, which also includes a selected group of institutions like Mutua Madrileña, Axis, Rosp Corunna and other private investors.
Kibo Ventures invests both in Spain and abroad, mainly supporting exceptional Spanish entrepreneurs with differentiating technology and business models in the Internet and Mobile space, while keeping an active involvement in supporting the development of portfolio companies.
For more information, visit http://www.kiboventures.com
About Spark Capital
Spark Capital is a venture capital firm that partners with exceptional entrepreneurs seeking to build disruptive, world-changing companies. Founded in 2005, the firm manages approximately $1,500,000,000 across four funds. Headquartered in Boston, Spark maintains an office in New York and invests across the globe. The firm focuses on the following key categories: advertising & monetization, commerce & services, content & media, hardware & infrastructure, mobile and social. Spark Capital has backed notable companies including Twitter, Tumblr, Foursquare, AdMeld, OMGPOP, Warby Parker and Wayfair.
For more information, visit http://www.sparkcapital.com.
Maveron is a $1bn assets under management venture capital firm focused on backing the best entrepreneurs in three sectors: web-enabled consumer services, education and wellness. Founded in 1998 by Dan Levitan and Howard Schultz, the firm has offices in Seattle and San Francisco. Representative Maveron investments include Altius Education, eBay, Capella Education, Groupon, Livemocha, PayNearMe, Shutterfly, Trupanion and zulily.
For more information, visit http://www.maveron.com.