HOLLYWOOD, FL, Financial technology startup ClassWallet raised $2.3 million in funding.
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Financial technology startup ClassWallet raised $2.3 million in funding to expand product offerings and add to its business development and support staff.
The funding for the South Florida-based company is an extension of its seed round.
Florida Funders and Rainfall Ventures led the round, which included many notable Silicon Valley angels, as well as follow-on investments from Brentwood Associates and other current investors. Previous round investors include New Schools Venture Fund and Sinovation Ventures. To date, ClassWallet has raised over $7 million.
ClassWallet is used in over 2,000 schools across 15 states. Some top 100 school districts in size that ClassWallet counts as clients include Miami-Dade County Public Schools, Polk County Public Schools and Mobile County Public Schools. ClassWallet has a 100% renewal rate among its school district accounts.
New Mexico Public Education Department established a ClassWallet account for each of its 23,000 classrooms statewide. In addition, ClassWallet secured a sole source contract with the State of North Carolina to manage education savings account grants, a new vertical for the Company.
"The new funding will help us to support the growing demand for our product as most school districts are seeking ways to reduce administrative overhead and improve quality control," ClassWallet founder and CEO Jamie Rosenberg said in a statement.
ClassWallet is a spend management platform that reconciles and pays for transactions in a completely cashless, paperless and automated manner. Its software streamlines manual, time-intensive tasks of collecting receipts, reconciling invoices and statements, making vendor and reimbursement payments and data entry required to meet annual audit requirements. As a result, clients save countless hours and overhead costs which they can reallocate to more impactful aspects of their operations. For more information visit http://www.classwallet.com.