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peerTransfer Corporation

Iker MarcaideIker Marcaide, Founder and CEO



FOUNDING DATE:
July 2009

TEAM MEMBER:
Iker Marcaide, Founder and CEO
MIT Sloan School of Management, MBA 2010
MIT School of Engineering, Master in Operations 2010

THE PITCH:
peerTransfer Corporation is a leading developer of innovative global payment solutions, initially focused on the education industry. The company enables thousands of international students and hundreds of schools to save time and money when making or receiving international payments. Compared to using traditional banks, students save on fees, enjoy a more convenient online experience, and receive superior customer service when making international payments. Schools benefit from peerTransfer’s solution by remaining compliant with ever-changing regulations and saving time and money by improving the processing of international payments.

THE IMPACT:
We believe that international payments will be very different in the future, and we love that we are at the forefront of it. If you think about it, international wires haven’t changed in 40 years. When you make a payment, you still don’t know how much money and what information will show up on the other end (or when), and how much money the bank has taken as a cut. And there are trillions of dollars moved by individuals and small businesses that are suffering high banking fees, bad currency exchange rates, and an overall cumbersome and inefficient solution when sending or receiving money for needs as different as paying providers, purchasing goods, or receiving salary abroad. We want to improve the process. We started with international tuition payments, helping hundreds of universities and schools and their thousands of international students from all over the world. We are growing at 20x the volumes moved per year, our team has tripled in the last year, and we are having an amazing experience. We want to make the world a better and less complex place for everyone.

THE RESOURCES:
Two of my classmates invested in the venture, I met my seed and Series A lead investor at an MIT $100K Competition event, and got many friendly classmates to help the startup via class projects. We leaned on, and are grateful to, the Trust Center for the support along the way.