Boston-based PeerTransfer, a developer of technology for more cheaply and efficiently processing college tuition payments from international students, has inked a deal itself. The startup announced today that it has completed a $7.5 million Series A financing, led by Spark Capital, and which included Accel Partners, Maveron, and Boston Seed Capital.
The new cash will go toward hiring new people and building up more company infrastructure to support growth as PeerTransfer expands the number of schools it works with.The company’s service is offered free of charge to colleges and universities and can save students upwards of $1,000 per year, by collecting their home currency, bundling purchases of U.S. dollars in the market, and then spreading the savings reaped from these wholesale exchanges back to the students. It also results in faster, more accurate processing of tuition payments for universities. PeerTransfer already works with about 30 schools, including Suffolk University, Wellesley College, Reed College, and Auburn University.
PeerTransfer nabbed $1.1 million in seed financing last October from Spark, Project 11 Ventures, and a crop of angel investors that included John Landry, Ken Morse, Roy Rodenstein, and Dave McClure.
