July 14, 2015
The use of digital payment is becoming more and more common across many industries. However, one place where it’s lagging is in education. Thankfully, ClassWallet has created a digital wallet platform for schools to track incoming and outgoing payments.
The Miami based startup recently closed a $1.9 million seed round, bringing their total funding to $2.53 million. Investors include NewSchools Venture Seed Fund, Kaplan Ventures, William Guttman. There was also support from previous investors Accelerated Growth Partners and other leading Miami-based angel investors, including MaverixLab.
ClassWallet offers an end-to-end digital management system for schools. So far they have several school districts and organizations using their platform including Harrington Park School District, Albuquerque Public Schools Education Foundation, Reading is Fundamental, Broward Education Foundation. Additionally,, almost 50 companies, including Amazon, Office Depot, Best Buy, School Specialty, and Scholastic currently accept ClassWallet as a form of payment.
Founder and CEO Jamie Rosenberg is a serial entrepreneur who previously founded AdoptAClassroom.org. Since 1998, AdoptAClassroom.org has raised $25 million on behalf of 150,000 classrooms across the United States. This experience led Rosenberg to realize how hard it is for schools to track the money coming in and out. With so many school districts cutting budgets, properly management of the money that is available is becoming more and more critical.
“As school budgets shrink, an increasingly larger portion of procurement is being funded by corporations, foundations, parents and teachers to meet student needs,” said Jamie Rosenberg, ClassWallet’s founder and CEO. “The size of this market, up to $23 billion annually, and the amount of inefficiency and lack of transparency is staggering.”
The company will put the funding towards increasing sales and product development. the ClassWallet team plans to reThe team plans to release the next version of its platform over the summer. It will include , which will include a reloadable debit card and a Pay by ClassWallet API for vendors.
ClassWallet is a graduate of the Kaplan EdTech Accelerator, powered by Techstars. It is a three month long, immersive, mentor-driven program that hosts education technology startups.
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