peerTransfer, a Boston, MA-based provider of global payment solutions for the education industry, closed a $22m funding round.
The round was led by Bain Capital Ventures with participation from existing investors Spark Capital, Devonshire Investors, Accel Partners, and QED Investors. In conjunction with the funding, Matt Harris, Managing Director at Bain Capital Ventures, will join the peerTransfer’s Board of Directors.
The company intends to use the funds to accelerate international growth, expand coverage and penetration at U.S. colleges and universities, and advance its cross-border payment platform.
Led by Mike Massaro, Chief Executive Officer, peerTransfer is a cloud-based global payments platform focused on providing international students from over 200 countries and territories with a way (including bank transfers, online payments such as Alipay in China, and credit and debit cards) to pay their tuition and room and board at over 500 colleges and universities located primarily in the U.S., Canada, UK and Australia.
It allows students and their families to send funds from their home countries in their local currency, using their payment method of choice. In addition, a dashboard and 24/7 servicing enables both students and educational institutions to monitor payments and simplify reconciliation.
In 2014, the company has introduced a credit and debit card solution, which allows students and parents avoid the foreign exchange fees charged by some banks and credit cards on cross-border card transactions.