ClassBank Secures $1M in Pre-Seed Funding to Expand Financial Literacy Education

Investment will accelerate the company's efforts to integrate real-world financial skills into K-12 classrooms nationwide.

LOS ANGELES, Sept. 17, 2024 /PRNewswire/ -- As states across the US continue to pass financial literacy mandates for K-12 schools, ClassBank (formerly ClassEquity) is excited to announce that it has closed $1M in Pre-Seed investment and grant funding. This funding will enable the company to expand its work with schools and districts nationwide, seamlessly integrating financial literacy education into existing curricula while fostering positive school culture and climate.

ClassBank was founded by Abby Coyle and Katie Gracey, former middle school math teachers, to create meaningful learning experiences that teach students real-life skills. Launched in the fall of 2021, ClassBank's digital classroom economy platform has reached over 400,000 students nationwide.

"This financing provides critical fuel to help us achieve our revenue and growth targets by investing in marketing and sales resources, which will ultimately empower us to extend our impact in underserved communities," said Abby Coyle, Co-Founder and CEO of ClassBank.

Ruthless for Good, a fund focused on investing in BIPOC and women-led companies in education and the future of work, contributed a significant portion of the raise. "We were excited to invest in ClassBank because of its focus on student economic empowerment and its teacher-driven design," said Michael Ladipo, Senior Associate. "We strongly believe in their mission to take a community-driven, hands-on approach, helping students understand financial decisions before they face real-world challenges and ramifications."

ClassBank, a participant in the Transcend Network's global edtech fellowship program, also received investment from the Transcend Fund. Co-Founder Michael Narea noted, "Abby and Katie intimately understand teachers, students, and school leaders and have built a product equally addressing their often competing needs. Their ability to listen to their users and experiment quickly and responsibly in our fellowship is why we became proud supporters of their movement."

Other backers include Brass Ring Ventures, led by exited edtech founder and CEO Miriam Altman-Reyes, Daniel Jhin Yoo, CEO of Goalbook, and The Yass Prize.

About ClassBank
ClassBank is an edtech company that equips K-12 students with essential financial literacy skills through a digital school currency platform. By integrating financial education into everyday learning, ClassBank empowers schools to foster positive behaviors and build stronger, more engaged communities. Learn more at https://www.classbank.com/. 

SOURCE ClassBank