Student finance support platform CampusLogic has collected $55m in its latest growth equity stage led by JMI Equity.
As part of the transaction, JMI Equity general partner Peter Arrowsmith and senior director Krishna Potarazu will join the company’s board of directors.
Founded in 2011, CampusLogic is a financial services platform to help students with borrowing and saving. The 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.
A simplified loan application process is also provided by the company to help remove paperwork processes, and automate communication with borrowers as well as indexing.
Universities can access CampusLogic’s data platform to help build deeper insights of the students to improve policy decisions, understand student needs and boost enrolment.
The company recently launched its Scholarship Universe solution which was developed in partnership with the University of Arizona to lower student funding gaps, improve scholarship fund utilisation and bring in outside funding.
CampusLogic plans to use the new capital to invest into its product, customer success, sales and marketing efforts. Proceeds will also be used to make strategic acquisitions that add depth to its college savings, shopping, attending, repaying and giving back services.
“The ABCs of student finance are more important now than ever – improving accessibility, reducing borrowing and driving completion,” said Gregg Scoresby, CEO of CampusLogic. “We’re partnering with institutions across the nation to make the ABCs of student finance a reality with software that brings easy, mobile and personalized student financial services.
This investment brings the company’s total funding efforts to around $72.5m. Last year, CampusLogic received a $10m Series B round led by 4.0 Partners to support the expansion of its platform.
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