ClassWallet - A Virtual Peer-to-Peer Lending Platform for K-12 Educators

ClassWallet is a unique initiative to help K-12 teachers to raise, manage, track and spend money for classroom needs. ClassWallet’s online platform for educators is designed to bring efficiency, transparency and savings to the K-12 school system. Instead of dealing with papers, checks and cash, teachers can open a ClassWallet account online to collect and manage money, shop for education products and keep track of spending through ClassWallet’s platform.

The SaaS-based e-wallet helps teachers to collect funds for field trips, special projects and other fundraisers. These funds can then be used to purchase classroom supplies directly from vendors within ClassWallet’s ecommerce marketplace, including Office Max, School Specialty and Scholastic. The service is accompanied with MasterCard and VeriFone debit card to access funds outside ClassWallet’s ecommerce marketplace.

ClassWallet’s virtual platform has helped parents to contribute funds online by reducing the hassles of donating paper money for the cause. Once teachers set up a page on ClassWallet’s website, parents and other sponsors can donate for a specific project or for the classroom on the page. Parents can also view the total funds raised and the required balance. All purchases are tracked for accountability between teacher and parents.

ClassWallet does not charge fees for the contributions. The entire amount raised goes to the cause. Since it allows teachers to purchase school supplies from ClassWallet’s online marketplace, it helps in tracking the purpose for which the money was spent and if it is spent judiciously. The other advantages of this platform are:

  • The products purchased through ClassWallet’s online marketplace are sent directly to the schools.
  • Teachers will not have direct access to the funds as the process is completely virtual.
  • Maintaining the records of the purchases is easier as the system keeps track of all the transactions.

About the company

ClassWallet was founded by Jamie Rosenberg in September, 2014. The startup is based out of Miami, Florida. The company has raised $1.8 million in three rounds from four investors including NewSchools Venture Fund, Kaplan EdTech Accelerator, Techstars and El Paso Corporation. ClassWallet has processed more than $6 million through the platform and more than 40 education vendors accept ClassWallet for payment.