Jamie Rosenberg, founder and CEO of ClassWallet, spoke with Efma’s Boris Plantier about how his company is making the lives of teachers and administrators easier all over the U.S.
What led to the creation of ClassWallet?
After starting www.AdoptAClassroom.org, a crowdfunding platform for teachers, in 1998 and managing the organization for 15 years, I saw firsthand the limits of existing financial technology solutions and had to build my own, which is the genesis for the ClassWallet technology. My challenge was to get donated funds to teachers and easily track what they were buying in order to provide accountability to donors. Purchase cards did not offer adequate controls or visibility and other options were cumbersome enterprise level procurement solutions which were not consumer-friendly. After solving this problem for my charity, I realized there was a large addressable market for the technology and eventually started ClassWallet to bring value to school district finance offices.
Could you present ClassWallet’s offer?
A prepaid virtual wallet that enables users to make purchases through a simple, convenient user interface, and affords maximum control and fraud risk mitigation for administrators in a completely paperless, cashless, and automated manner. The platform enables users to make ecommerce purchases, submit receipts for reimbursement, initiate ACH payments, or access a reloadable debit card. As a result, ClassWallet offers a solution that fits any need, and minimizes the bookkeeping and paperwork required to reconcile various types of transactions through a single, integrated platform.
What’s coming next for ClassWallet?
ClassWallet has built a spending management platform that is gaining rapid acceptance and adoption among teachers and parents in the education market. But the patented technology and solution we have developed can be applied to other education market segments and beyond. Think of any regulated enterprise that has a distributed workforce who needs to make day-to-day purchases, but the risk profile of the employee or transaction exceeds the threshold appropriate for a purchase card. We plan to roll out more applications that empower employees to do their jobs more efficiently, while at the same time providing their managers with complete control and easy access to purchasing data—all in a completely paperless manner.
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