The company intends to use the funds to develop functionality to support management of education funding to families for tuition payments and other educational services and needs, and support is the implementation of a statewide rollout of ClassWallet in New Mexico as part of a new contract with the New Mexico Public Education Department.
ClassWallet provides a web-based spend management tool designed for the vast educational market. More than 2,000 schools nationwide currently use the platform to automate processes for transactions for over 63,000 teachers and principals.
ClassWallet’s consolidated platform includes a virtual wallet, integrated commerce marketplace, reimbursement management, declining balance reloadable debit card, and integrated crowdfunding powered by GoFundMe.
Features include digital receipt capture for debit cards and reimbursements, transactions with electronic review workflow, automated invoice payment, automated direct deposit reimbursement and automated reconciliation.
Other ClassWallet investors include Brentwood Associates, Sinovation Ventures, Techstars Ventures, NewSchool Venture Fund, Corigin Ventures, and Vaizra Investments.
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