ClassWallet Raises $2.3 Million to Meet Growing Demand

Financial technology startup ClassWallet closed $2.3 million in funding to expand product offerings and add to its business development and support staff. Florida Funders and Rainfall Ventures led the round, which included Silicon Valley angels as well as follow-on investments from Brentwood Associates and other current investors.

ClassWallet is a spend management platform that is designed to reconcile and pay for transactions in a cashless, paperless, and automated manner. Its software is intended to streamline collecting receipts, reconciling invoices and statements, making vendor and reimbursement payments, and completing data entry to meet annual audit requirements.

According to the company, ClassWallet is used in 2,000 schools across 15 states, including Miami-Dade County Public Schools, Polk County Public Schools, and Mobile County Public Schools.