ClassWallet, a Hollywood, Fla.-based fintech startup, raised $2.3m in funding.
The round was led by Florida Funders and Rainfall Ventures, with participation from Silicon Valley angels, as well as follow-on investments from Brentwood Associates and other current investors.
The company, which has raised over $7m in funding to date, intends to use the funds to expand product offerings and add to its business development and support staff.
Led by founder and CEO Jamie Rosenberg, ClassWallet provides school districts with a spend management platform that reconciles and pays for transactions in a cashless, paperless and automated manner. Its software streamlines manual tasks of collecting receipts, reconciling invoices and statements, making vendor and reimbursement payments and data entry required to meet annual audit requirements.
ClassWallet is used in over 2,000 schools across 15 states.