From the CEO
ClassWallet ended 2016 on a high note. We closed a minority investment from Brentwood Associates, signed enterprise client accounts in Texas and California and launched several new features on our platform. In 2017, users will get credit back on purchases from a majority of our vendor partners, and will have tens of thousands of new products to choose from at discounted prices. In addition, schools – and now colleges! – will be able to use ClassWallet for sports team travel expense management. We are looking forward to a great year ahead.
Brentwood Associates Makes Minority Investment in ClassWalletBrentwood Associates, a leading consumer-focused private equity investment firm that has made several investments in the education space, has made a minority investment in ClassWallet. Says Eric Reiter, partner at Brentwood, “ClassWallet’s patent-pending technology is highly innovative and satisfies a real need in a large addressable market.” Read more here.
ClassWallet Gives Back and ClassWallet Sourced Stores Go LiveClassWallet always seeks way to bring value to our customers. In December, ClassWallet launched the “ClassWallet Gives Back” program. Now when users use ClassWallet funds to purchase with a majority of our vendor partners, ClassWallet will credit back a percentage of the sale into the user’s ClassWallet account. In addition, ClassWallet has sourced tens of thousands of individual products at discounted prices so user’s can stretch their ClassWallet funds even further.
ClassWallet for Sports Team TravelWhen the school sports team travels, lots of expenses ensue. Meals, incidentals, gas, and more. Paying and tracking those expenses is a task no coach looks forward to after the game. ClassWallet has been fielding numerous requests from K12 schools and colleges about its solution to manage sport team expense management. Interested in learning more? Click here.
ClassWallet Expands into Texas and Northern CaliforniaIn December, ClassWallet welcomed the San Antonio Independent School District Education Foundation (TX) and Ravenswood City School District (CA) as our newest enterprise clients. The SAISD Foundation will be distributing its grant monies through ClassWallet rather than paper-based check cutting and manual expense reporting. Ravenswood experienced the efficiencies of using ClassWallet when the Chan Zuckerberg Initiative granted monies to district teachers on the platform. Now the district is using ClassWallet for more district expense management.
#FinTech4Ed 'Ask the Expert' Aaron Smith FeatureAaron Smith is an education policy analyst at Reason Foundation, a nonprofit think tank advancing free minds and free markets. Aaron sat with ClassWallet to share some of his insights on transparency and district funds allocation. Says Smith, “We need to get to a point where it’s more transparent to track funds whether a teacher gets $100, $500 or a $1,000 budget.” Check out our “Ask the Expert” interview with the Reason Foundation’s resident Education Policy Analyst Aaron Smith.
Upcoming EventsTeacher Powered School Conference Los Angeles, CA January 27 - 29, 2017 SaaStr Conference San Francisco, CA February 7 - 9, 2017 SW Regional National Schools Foundation Association Conference La Jolla, CA February 17 - 19, 2017 National Title I Conference Long Beach, CA, February 22 - 25, 2017
ClassWallet addresses the pain of managing checks, reimbursements, paper receipts, and the paperwork associated with tracking expenditures for school systems. The platform makes the accounting and audit trail very easy and helps reduce administrative costs.