ClassWallet

Feature-rich digital wallet solution for education

ClassWallet is the leading digital wallet purchasing and reimbursement platform for public funds that ensures these funds reach the right people and are used for the right purpose. The company offers a payment solution to educational organizations, which eliminates paperwork and manual processes, reduces transaction costs, and enables monitoring transactions in real-time.

ClassWallet set out with a goal to develop and implement a new version of its product that could support millions of users and incorporate various advanced features, such as prepaid card support, online transactions, a role-based security model, online shopping integration, and more.

Industry

FinTech
Headquarters

US
Website
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Services we provided

Staff Augmentation
Project Management
Product Discovery
Web Development

About the client

ClassWallet offers a digital wallet platform used primarily by school districts and state educational departments to manage the purchasing and reimbursement processes. It streamlines manual, time-intensive tasks of collecting receipts, reconciling invoices, and making vendor and reimbursement payments.

By automating many of the tasks associated with traditional manual processes, ClassWallet enables its clients to save time, manage budgets, reduce errors, and improve transparency. ClassWallet's reduces the complexity and burden of managing the compliance of public funds and is used by school districts across the US, currently serving over 6,200 schools and 20 State Agencies, positively impacting more than 6 million students.

Challenge

As the demand for ClassWallet's services grew, it became increasingly apparent that the product required changes to ensure system scalability and meet the needs of a rapidly expanding user base. ClassWallet decided to switch to Node.js technology and build a more responsive, scalable, and efficient platform.

One of the most challenging aspects of this transition was designing a database and architecture that could support advanced features such as mass disbursements to different accounts while maintaining the system as an automatic operation. ElifTech team successfully designed and implemented a database and a robust and scalable architecture that could easily handle the demands of millions of users and support the platform's innovative features.

Solution

Scalable Architecture
Streamlined Back-End Processes
Redesigned Front-End
User Interface Redesign
Enhanced Security and Compliance
Chatbot
Built-in Report System
Application
Dashboards

To support ClassWallet's growing user base, ElifTech worked with ClassWallet’s development team to implement a scalable architecture that could handle an increasing number of transactions and data without compromising performance. This allowed ClassWallet to accommodate more users while maintaining the same high level of service.

Features delivered

Budget Allocation
Customizable Purchase Approvals
Expense Tracking
Payment Methods Integrations
Different Types of Wallets

Budget allocation to individual wallets, such as classroom supplies, maintenance expenses, or other approved payments, ensuring that funds are allocated according to the organization's financial policies.

Key results and business value

ClassWallet has emerged as a pivotal solution for educational institutions seeking to optimize their budgetary processes and focus on their primary mission: education. Schools using the platform have reported significant time and cost savings, improved transparency, and better compliance with financial regulations.

ClassWallet currently serves over 6,200 schools and 20% of all US State Agencies, positively impacting more than 6 million students. The company has expanded its reach from educational organizations to school districts and states and currently operates in Georgia, Florida, Arkansas, Indiana, Massachusetts, and South Carolina.

ClassWallet ranks no. 46 on Inc. Magazine’s list of fastest-growing private companies in the Southeast Region for the second consecutive year.

ClassWallet ranked number 155 fastest-growing company in North America on the 2022 Deloitte Technology Fast 500 and continued strong growth in 2022 booking over $1 billion in business and a more than doubling of revenue.

With a three-year revenue growth of 916%, ClassWallet ranks no. 779 on Inc. Magazine’s list of fastest-growing private companies in the U.S.