BOSTON--(BUSINESS WIRE)--peerTransfer, the leading provider of innovative global payment solutions for the education industry, is excited to announce that it has surpassed the 500-client mark and has processed over $1 billion in international education payments during the last two years. These significant milestones accentuate the amazing growth and success the company has achieved as it embarks on the 2014/15 academic year.
The company, backed by Spark Capital, Devonshire Investors, and QED Investors, among others, has quickly changed the international education payment landscape in the US and abroad. With the leading market share in the United States, peerTransfer made a major push for global expansion during 2014, quickly signing up educational institutions in the UK, Australia and Canada.
The company recently crossed the 500-client mark when Bournemouth University in the United Kingdom, home to over 2,000 international students, signed on to use its service.
“We are thrilled to be able to offer peerTransfer’s payment solution to our international students,” said Andrew Wright, Finance Officer Controller from Bournemouth University. “It will offer great benefits to our institution, both in terms of payment reconciliation and student experience.”
peerTransfer was developed after Founder, Iker Marcaide, a business school student from Spain, encountered two key challenges when paying tuition from overseas to Massachusetts Institute of Technology (MIT). Iker’s international bank transfer to MIT went missing and, while investigating the lost payment, he realized how much extra money he was paying to convert his funds.
peerTransfer solves both of these challenges by streamlining the payment reconciliation process for educational institutions, while simultaneously providing international students the opportunity to pay tuition and fees in their home currency at discounted foreign exchange rates. The success of the solution has allowed the company to add 40-50 new educational institutions each quarter to its already impressive client list.
“We are pleased with the leading position we have established in the international education payment industry,” said Mike Massaro, Chief Executive Officer of peerTransfer. “Processing over $1 billion in payments during the last two years is a great accomplishment. We look forward to the coming year as we expect to reach the $2 billion mark while also releasing many new enhancements to our solution.”
peerTransfer is the leading provider of innovative global payment solutions for the education industry. The company enables thousands of international students and hundreds of institutions 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. Institutions 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.