The company, which was founded in 2009, estimates it will process USD 1 billion in payments for the 2014-2015 academic year. According to a press release, the company said it can process payments from around the world to over 500 colleges in the US, UK, Australia and Canada.
peerTransfer saves money by structuring transfers so that money does not cross borders and converting large amounts of currency at a more competitive rate than a payer could receive making an international transfer. The company signs up 50 universities every three months, which make peerTransfer available to their foreign students.
Bain Capital Ventures was the largest investor in the company’s Series C financing round. Repeat investors who grew their stakes included Spark Capital, Devonshire Investors, Accel Partners, and QED Investors.
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