2021 has been a successful year for ClassWallet.
The Hollywood-based venture reports its business grew 700% in the fiscal year ended July 31, leading the tech firm to nearly triple its headcount and relocate to a larger headquarters facility.
ClassWallet provides digital wallets for the K-12 education sector, with a focus on teacher spending, maintenance spending, emergency funding and student scholarship programs. For example, its TeacherWallet enables educators to easily enter and track their classroom supply spending, removing the need for paperwork.
"Our growth and success should be measured by far more than our financials," said co-founder and CEO Jamie Rosenberg. "In many ways, we are helping school districts and government agencies to deliver better education outcomes by solving the challenges of funds distribution, accounts payable spending and transparent reporting in ways previously not possible."
ClassWallet reports it booked more than $750 million in business, a sevenfold increase compared to 2020. Its platform is used by 13 state agencies and 3,900 U.S. schools that collectively serve about 2.5 million students. To keep up with demand, the venture doubled down on hiring, growing from 29 to 79 workers.
The company's growth was aided by the launch of two new products: FamilyWallet, a virtual wallet that allows students to pay for tuition, goods and services; and SchoolWallet, which helps state and education agencies manage funding grants for public and private schools.
ClassWallet has raised $6.8 million in capital since its founding in 2014, with investors including venture capital firms Florida Funders, TechStar Ventures and RainFall Ventures.
Moving forward, ClassWallet will continue to partner with more government agencies and school districts, but will remain hyper-focused on boosting efficiency for K-12 educators.
"The key should be on student learning, and we can provide [teachers] with extra time back to do just that," CEO Rosenberg said.
For more stories like this one, sign up for Miami Inno newsletters from the South Florida Business Journal and the American Inno network.
