Guidepost backs tech company ClassWallet

• Based in Miami, ClassWallet is used in 27 states and by 20 state agencies across 6,200 schools serving 6.1 million students
• Guidepost Growth Equity invests in tech companies
• Guidepost has over $1.6 billion of capital under management

Guidepost Growth Equity has made a minority investment in ClassWallet, a digital wallet purchasing and reimbursement platform for public funds. No financial terms were disclosed.

The investment will further enhance the ClassWall’s ability to help state agencies and educational institutions address the growing fiduciary burden associated with the control and compliance of public fund distribution and management.

“ClassWallet has fundamentally transformed the way state agencies and school districts disburse funds compliantly at scale,” said Guidepost General Partner Gene Nogi, in a statement. “The company embodies everything that we look for as an entrepreneur-led, capital efficient, rapidly growing, and highly differentiated business in a compelling market.”

ClassWallet was advised on the investment by William Blair and Goodwin Procter LLP while Guidepost Growth Equity was advised by Choate Hall & Stewart LLP.

Based in Miami, ClassWallet is used in 27 states and by 20 state agencies across 6,200 schools serving 6.1 million students.

Guidepost Growth Equity invests in tech companies. The firm has over $1.6 billion of capital under management.