Boston-based peerTransfer, a provider of global payment solutions for the education industry, has raised more funding. Bain Capital Ventures led the latest round.
The star-up raised $22 million from Bain Capital Ventures, Spark Capital, Devonshire Investors, Accel Partners, and QED Investors.
The additional capital will be used to accelerate international growth, expand coverage and penetration at U.S. colleges and universities, and advance the company’s innovative cross-border payment platform.
peerTransfer is a global payments platform focused on offering international students from over 200 countries and territories an easy-to-use, cost-effective way to pay their tuition and room and board at over 500 colleges and universities located primarily in the U.S., Canada, UK, and Australia.
peerTransfer allows students and their families to send funds from their home countries in their local currency, using their payment method of choice. An easy-to-use dashboard and 24/7 servicing allow both students and educational institutions to monitor payments and simplify reconciliation. The company’s cloud-based infrastructure and growing payment volumes enable it to provide discounted currency conversion rates that can result in significant savings when compared to rates offered by banks in the students’ home country.
peerTransfer has rapidly become the number one international payment processor for colleges and universities, adding 50 new clients each quarter. The company offers a range of payment choices including bank transfers, online payments such as Alipay in China, and credit and debit cards. The company’s credit and debit card solution, introduced in 2014, helps students and their parents avoid the oftentimes-costly foreign exchange fees charged by some banks and credit cards on cross-border card transactions.
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