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peerTransfer, simple payment solution for foreign students, today announced that it closed a $ 7.5 million funding round. Investment led by Spark capital, Accel Partners, Maveron and Boston starting capital.
The new infusion of capital adds to $ 1.1 million in seed funding to launch raised back in October last year, bringing total investment to just north of $ 8.6 million. Startup plans to use his last round to increase recruitment and development of its infrastructure, as it continues to cooperate with colleges and universities across the country to simplify international education payments.
Founded in 2009, peerTransfer is designed for foreign students in an attempt to provide a simple and secure payment method for quickly and safely make learning (and other education-related) payments. Startup aims to save foreign students, money transfer, eliminating the high fees and offering discount rates. The value proposition for educational institutions, on the other hand, is peerTransfer in the solution captures the ID information for students at the time of payment to the school knew that full payment is received and contains the information needed to send immediately student accounts.
Launch currently cooperates with 30 institutions including the University of Auburn, Georgia State University, University of Miami, Reed College, Wellesley College, and Western Kentucky University in order to streamline processing, with students some of the world of the mind and the ability to save thousands of dollars during their education international payments.
The best part is that peerTransfer is free for educational institutions and requires not engineering or coding knowledge to implement the decision of the institutions. As foreign students in the United States will lose more than $ 1 billion a year from bad exchange rates and bank charges, according to the peerTransfer founder and CEO of Iker Marcaide run looks complete transactions to ensure a greater volume of purchases and take advantage of more favourable exchange rates.
Crawl involves the removal of intermediate fees in order to save money and at the same time, work to reduce administrative overhead costs by ensuring accurate delivery and placement of funds in the student accounts.
This is an innovative, if not a bit dicey business model: this company does not charge students or school any money for their services and share the savings instead of students through their ability to take advantage of a more favourable exchange rates.
Music to the ears of foreign students to be sure. More details about peerTransfer visit their homes here.
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