ClassWallet, a digital wallet technology platform for federal, state and local education and government agencies, has raised a significant minority growth investment.
The funds were supplied by Guidepost Growth Equity. This capital injection will enable ClassWallet to better help state agencies and educational institutions address the rising fiduciary burden with the control and compliance of public fund distribution and management.
Guidepost offers additional industry reach and will support ClassWallet with its go-to-market strategy, product roadmap and hiring.
Founded in 2014, offers efficiency and compliant disbursement of funds to a decentralised user base addressing $25bn of state and federal government and K-12 education funding initiatives.
Through its technology, it enables customers to disburse funds quickly and compliantly at scale, while automating every step of the purchasing and reimbursement lifecycle. By streamlining workflows, ClassWallet helps to ensure compliance, mitigate potential fraud and track spending.
The FinTech company operates in over 27 states and hundreds of school districts.
ClassWallet founder and CEO Jamie Rosenberg said, “For public funds to have the intended impact, it is critical to minimize compliance-related bureaucracy and get the funds into the hands of end-users in the most streamlined way possible.
“In Guidepost, we found a true partner with deep industry and functional expertise who shares our strategic vision of helping unlock the full impact of public funds. This partnership will enable us to accelerate our go-to-market efforts, enhance our product offering, expand our addressable market, and continue to deliver exceptional customer value to state and district partners.”
William Blair and Goodwin Procter advised ClassWallet on the investment, while Guidepost Growth Equity was advised by Choate Hall & Stewart LLP.
In other FinTech news, Spain-based FinTech ID Finance raised €30m in funding. The company main offering is focused on providing retail banking and finance solutions.
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