ClassWallet Achieves Significant Growth in Fiscal Year 2021 with 700% Increase in Business and Triple-Digit Increases in Transaction Volume and Revenue
MIAMI, October 4, 2021 / PRNewswire / – ClassWallet, the leading digital wallet technology for K-12 education, saw record growth in fiscal year 2021 ending July 31 with a more than seven-fold increase in gross activity, triple-digit growth in transaction volume and revenue, a significant number of federal, state and district contracts and a nearly tripled staff requiring a move to a larger seat.
The private company, based in Hollywood, florida and founded in 2014, is quickly becoming a de facto standard in the education market. Used by 13 state agencies and 3,900 schools in 23 states serving 2.5 million students, the innovative accounts payable solution and digital wallet technology manages classroom supplies and facility maintenance purchases , emergency funding and scholarship programs. ClassWallet manages accounts payable funds through its patented fintech platform and digital wallet technology, for teacher and maintenance staff expenses, as well as for the management and disbursement of federal and state scholarships and family grants , schools and districts.
In fiscal year 2021, the company recorded more than $ 750 million in business, representing 700% year-over-year growth from 2020. Transaction volume increased 272% with business processing $ 227 million in payments for its customers. Net income tripled from the previous year.
“We are delighted that our technology and core solutions are recognized as best in class by federal and state agencies as well as school districts across the United States,” said Jamie Rosenberg, CEO and Co-Founder, ClassWallet. “Our growth and success should be measured by more than just our finances – in many ways, we help school districts and government agencies achieve better education outcomes by solving the challenges of distributing funds, spending accounts payable and transparent reporting in a way that was not previously possible. “
Over the past year, the company launched two new products to join its TeacherWallet and MaintenanceWallet digital portfolios for teachers and maintenance / curatorial staff, respectively.
Its FamilyWallet solution leverages ClassWallet’s expense management platform to provide virtual wallets to grantees and scholarship recipients, enabling them to pay for tuition, goods and services. The solution has been adopted by seven States dealing with approximately $ 150 million in funds for its clients in Arizona, Idaho, New Hampshire, Georgia, North Carolina, Oklahoma and Texas.
SchoolWallet was also introduced in the last fiscal year, which allows state education agencies to manage funding grants for public and non-public schools. SchoolWallet allows state administrators to centralize grant distribution, tracking, and reporting in one place without the complicated paperwork typically associated with such responsibilities. SchoolWallet contracts have been received from six states providing grants under the Emergency Assistance to Non-Public Schools (EANS) program.
Patents and Certifications
The company enriched its intellectual property with the granting of its second patent (US 11,032,153 B2) on June 8, 2021. The new patent supports the company’s first patent (US 10, 122, 648 B2) issued on November 6, 2018, which covers the disbursement mechanism of its digital wallet and the ability for an end user to receive funding allocations from one or more entities while allowing disbursement entities to track and report on the use of those funds .
“Collectively, the patents cover ClassWallet’s ability to allocate funds, for multiple clients, to end users, set certain restrictions on the use of those funds, and cover the reporting functionality that provides information and tracking capabilities to end users. users, ”said Neil steinhardt, president and co-founder, ClassWallet.
Additionally, ClassWallet achieved SOC 2 Type II certification as a compliant service provider in fiscal year 2021 from the American Institute of CPAs.
Investment in human capital
Beyond contracts, products and technology, a critical aspect of the company’s success in fiscal 2021 was its growing team of employees. Entering the year with just 29 employees, the company nearly tripled its workforce to 79 by adding staff in customer service, account management, sales and marketing roles, including hiring its staff. Senior Vice President of Marketing, Karen nelson, and Bryan coble as vice president, sales. The growth has been so rapid that ClassWallet has outgrown its current headquarters and will be relocating to a larger facility in the same building to accommodate its extended team.
“We are grateful to our wonderful, hardworking and dedicated staff who worked long hours, primarily from home during the pandemic, to manage all of our internal and customer-centric operations – even though our volume has grown monumental,” said Rosenberg said. “They held up as our customer base grew by 50% and our user base jumped almost 50% to 140,840. We look forward to our team meeting again in our new offices at the start. November.”
ClassWallet also opened a sales and marketing office at Raleigh, North Carolina; employs a call center at El Salvador; and works with software engineers and developers in central America and Eastern Europe.
The future is bright
Throughout its growth, ClassWallet remains focused on its mission to support and propel the goals of education. He works hard to support teacher empowerment in the classroom and brings his own brand of entrepreneurship that allows the company to be flexible and extremely agile.
“No matter how we grow, ClassWallet will always remain focused on supporting K-12 leaders with our technology that helps them create major efficiencies in the way they work. The key should be on the student learning, and we can give them more time to come back and do just that, ”said Rosenberg.
“We will continue to work in partnership with government and school districts across the country to help them leverage our platform to solve real problems,” said Steinhardt. “We will continue to explore the use of cutting-edge technologies, such as artificial intelligence, to increase our value equation, but never lose sight of support for education.”
Founded in 2014 and based in Miami, ClassWallet (www.classwallet.com) helps K-12 financial leaders save valuable time and overhead by providing an automated accounts payable platform and marketplace for decentralized purchasing. Used by 13 state agencies and 3,900 schools serving 2.5 million students, innovative digital wallet technology is emerging as the industry standard for classroom procurement and education budgets. maintenance of facilities, emergency funding and scholarship programs. ClassWallet has attracted top retailers like Amazon, Office Depot, Staples, Scholastic, School Specialty, Home Depot, Lakeshore Learning and thousands of major merchants that serve the K-12 education market to accept ClassWallet as a fad. of payment.
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