PeerTransfer Scores a Big VC Round
PeerTransfer, a payments startup founded by MIT-grad Iker Marcaide, has secured $7.5 million of venture capital funding, the company told Bank Innovation today.
The Series A financing round was led by Spark Capital, with “participation” from Accel Partners, Maveron and Boston Seed Capital. PeerTransfer says the funding will be used to increase headcount and infrastructure across functional areas to support growth.
PeerTransfer facilitates the transfer of tuition funds for foreign students studying in the US. Or at least that’s the official business, for which peerTransfer has signed up about 30 universities. But peerTransfer is effectively creating an alternative global payments platform, which we think is very cool. The platform bypasses existing payment processors and offers a more streamlined, less expensive alternative to ACH, et al. In other words, we’re confident that Marcaide will put the new funds to good use.
