Student finance support platform CampusLogic has collected $120m in a minority investment from Dragoneer Investment Group.
With the funding boost, the company plans to increase product development and make strategic acquisitions to increase the breadth of its platform.
The FinTech claims to be witnessing around 40% annual growth rates and now has over 750 college and university customers.
CampusLogic CEO Gregg Scoresby said, “It’s never been more important for colleges and universities to prioritize student financial success and no other organization in the world is investing more in removing the barriers in the financial aid process than CampusLogic.
“Our mission is to transform the financial aid experience from the time students are planning for college, while they are in college, and after they graduate. This investment from Dragoneer will allow us to further that mission.”
CampusLogic aims to remove the barriers students face when seeking higher education. It claims that nearly 60% of students who don’t complete college state it was due to financial barriers. It also said that three million students drop out of higher education because of financia constraints.
The FinTech aims to change this by offering an end-to-end mobile app gives students access to transparent higher education evaluation tools and financial aid communication lines to offer explanations of different financing and the entire loan processes.
As part of the deal, Dragoneer Investment partner Christian Jensen will join the CampusLogic board of directors.
Jensen said, “A rapidly increasing number of schools are realizing that the days of requiring students to mail or fax critical financial aid paperwork or visit a central office location for assistance and advising are behind us.
“CampusLogic gives students an innovative, efficient, and personalized way to access financial aid, and provides unparalleled solutions for solving critical problems for colleges and universities around accessibility, scalability, and completion. We look forward to collaborating with Gregg and his team to help accelerate the next phase of CampusLogic’s growth and success.”
The FinTech previously raised a $55m investment from JMI Equity in 2018. The funds were raised to support its product, customer success, sales and marketing efforts.
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