Company Overview
Founded in 2014 and headquartered in Miami, ClassWallet (www.classwallet.com) supports K-12 finance leaders in saving valuable time and overhead costs through its digital wallet solution and integrated eCommerce marketplace. Used by 14 state agencies and 3,900 schools serving 2.5 million students, ClassWallet is fast becoming the industry standard for classroom supply and facilities maintenance budgets, emergency funding and scholarship programs.
The company’s digital wallet provides a nimble way for funds to be distributed to public schools, private schools, educators and families, while at the same time, providing state and local government entities and school districts with sophisticated tools to track spending and manage fiscal accountability.
ClassWallet has a robust eCommerce platform with top retailers including Amazon, Office Depot, Staples, Scholastic, School Specialty, Home Depot, Lakeshore Learning as well as thousands of national, regional and specialty merchants that serve the K-12 education market and which accept ClassWallet as a form for payment.
The company supports K-12 education finance leaders, including grant managers, by helping to deliver on the promise of education. ClassWallet helps with retention and morale by placing purchasing power in the hands of educators, families and schools.
In its fiscal year ending July 31, 2021, the company reported a more than sevenfold increase in gross business, triple-digit growth in both transaction volume and revenues, a significant number of federal, state, and district contracts and a nearly tripling of staff requiring a move to a larger headquarters facility.
Fast Facts
- Founded in 2014 and headquartered in Miami
- ClassWallet provides an automated digital wallet to pay, track and report on decentralized purchases, helping finance leaders to save up to 90% in overhead costs
- The company’s digital wallet solution is in use in 23 states including Florida, Utah, Arizona and North Carolina, across 3,900 schools serving 2.5 million students
- ClassWallet is helping to distribute nearly $150m in scholarship funds and grants, including federal Coronavirus Aid, Relief and Economic Security (CARES) Act funds in seven states – Texas, Oklahoma, Idaho, Arizona, New Hampshire, Georgia and North Carolina
- ClassWallet’s platform reconciles with every accounting platform and saves 15 minutes of bookkeeping time per transaction while mitigating risk and fraud
- ClassWallet is SOC 2 Type II-certified by the American Institute of CPAs
- The spending management platform can be easily adapted to support the needs of other markets and industries
- ClassWallet owns two patents related to its digital wallet technology, disbursement mechanism and related tracking and reporting on the usage of funds
Solutions
ClassWallet’s suite of solutions empowers finance officers, district and state grant managers and back office teams to purchase resources in an extremely agile and flexible manner. It streamlines back-office operations while maintaining complete financial oversight and supporting/empowering users – all while improving morale and job satisfaction. Its solutions are used by teachers and parents with a focus on ease and flexibility for the end-user and unparalleled control and fraud mitigation for administrators.
- TeacherWallet: ClassWallet’s initial and most widely adopted solution is a virtual wallet used by teachers to purchase items for their classroom from approved online merchants. It permits them to buy classroom necessities, from office supplies, arts and crafts and instructional items to technology, sanitation supplies and even personal protection equipment – without the hassle of laying out cash, filing for reimbursement or having to manage a credit or pre-paid card (and the accompanying risk). The platform also provides swift and accurate ACH reimbursements to teachers needing to buy something in a retail store or from an approved service provider. TeacherWallet has been particularly invaluable during COVID-19 when teachers were forced to teach remotely without easy access to classroom supplies.
- MaintenanceWallet: Introduced in January 2021, MaintenanceWallet enables school maintenance crews and custodial staff to purchase supplies needed to close work orders, while providing facilities managers with complete oversight and eliminating paperwork. It supports school employees responsible for making the day-to-day transactions for facilities management, including but not limited to plumbing, electrical, structural, fleet and cleaning needs.
- FamilyWallet: ClassWallet leverages its spending management platform to provide virtual wallets to grant and scholarship program recipients. This enables them to pay for tuition, goods and services. The platform allows parents to upload purchase orders and receipts, pay invoices, manage purchasing and pre-paid cards and receive automated reimbursements with broad transparency – all while protecting data and privacy. Each state determines the rules and restrictions for its program which are then implemented by ClassWallet. To date, the company is managing approximately $150m in funds for Texas, Oklahoma, Idaho, Arizona, New Hampshire, Georgia and North Carolina.
- SchoolWallet: Also introduced in January 2021, SchoolWallet allows state education agencies to manage grant programs for public and nonpublic schools. School administrators receive an account with grant funding and utilize the platform to manage reimbursements and vendor payments. State administrators are able to centralize the distribution, tracking and reporting of the grant in one place without the messy paperwork usually associated with such responsibilities.
Senior Management Team
Jamie Rosenberg, founder and CEO: Rosenberg is no stranger to the education sector, having launched two successful technology companies in the space. His first company, AdoptAClassroom.org, which he launched in 1998, was one of the first crowd funding sites on the Internet and the first national online platform for education philanthropy. His efforts helped raise over $25m for teachers in 30% of schools in America and improved the learning environment for 3.5m students. Rosenberg has a BA in Economics and Political Science from Vanderbilt University and a law degree from the University of Miami School of Law.
Neil Steinhardt, co-founder and president: Steinhardt is a successful financial services executive with more than two decades of industry experience in the payments and online advertising industries. His strengths include e-commerce, entrepreneurship, business development and cross-functional team leadership. He served as CEO of Skrill USA, general manager of Paysafecard.com and was VP products and services for Via One Technologies. He has a BA in English Literature from Brandeis University and an MBA in Marketing and International Business from Baruch College.
Social Media
Twitter: https://twitter.com/classwallet
Facebook: https://www.facebook.com/classwallet
LinkedIn: https://www.linkedin.com/company/classwallet/
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