New round of funding led by Continental Investors
PHOENIX, October 1, 2015 – CampusLogic, creator of the first student financial aid self-service platform, has announced the completion a $7.5 million Series A financing led by Continental Investors, a Chicago-based private investment company with deep experience in financial technology. The round included an investment from Great Lakes Higher Education Corporation, which services in excess of $200 billion in student loans for over 8 million borrowers.
“In 2014, CampusLogic launched the first and only student self-service platform that allowed schools to move all of their financial aid processes into the cloud,” said Gregg Scoresby, founder and CEO of CampusLogic. “Since our launch last year, we have added over 300,000 active students at nearly 40 colleges and universities across the country. With the additional support and connectivity from our investors, we expect to have over 100 colleges on board in the coming year and over 200 by 2017.”
The CampusLogic platform makes student financial aid entirely digital, mobile, and self-service so colleges and universities can significantly reduce financial aid processing time, increase enrollment, and help students borrow responsibly. US Colleges and universities award almost $250 billion in student financial aid annually; CampusLogic simplifies the entire financial aid process, so students can complete financial aid quickly and get into the classroom.
Paul Purcell, of Continental Investors, commented “The intersection of financial technology and education technology is here to stay. CampusLogic has developed an innovative and highly functional solution that both reduces student debt consumption and improves institutional efficiency in higher education. We are really excited to be part of that.”
Brett Lindquist, Chief Marketing and Sales Officer of Great Lakes Higher Education commented, “Students and their families borrow money for college because it is an important investment in their future. Helping them do so responsibly while streamlining the process for schools is a focal point for both Great Lakes and CampusLogic.”
In addition to the investment from Continental Investors and Great Lakes, this round also includes participation from University Ventures, Select Venture Partners, Peak Venture Capital as well as the conversion of convertible notes previously raised by the company. The proceeds will be used primarily to grow software engineering and product support. The company expects to hire 20 new employees in its Arizona-based headquarters in the next 6 to 9 months.
About Continental Investors
Continental Investors is a private equity firm founded in 2006 by Phil Purcell. Continental invests in private companies primarily in the financial service industry. Continental Investors is a strategic source of capital and looks for opportunities where their industry experience and relationships can benefit management and other private investors. Prior to Continental, Phil was Chairman and Chief Executive Officer of Dean Witter, Discover & Co. from 1986 until they acquired Morgan Stanley Group Inc. in 1997. He then served as Chairman and Chief Executive Officer of Morgan Stanley until his retirement in 2005. Paul Purcell has 15 years of experience deploying capital in public and private markets for financial services and payments companies.
About Great Lakes: Dedicated to making college education a reality since 1967.
Knowing that education has the power to change lives for the better, Great Lakes Higher Education Corporation & Affiliates was established as a nonprofit group focused on a single objective: helping students nationwide prepare for and succeed in post-secondary education and student loan repayment. As a leading student loan guarantor and servicer, we have been selected by the U.S. Department of Education to provide assistance and repayment planning to more than 8 million borrowers – as well as assistance to colleges and lenders nationwide. Our group’s earnings support one of the largest and most respected educational philanthropy programs in the country. Since 2006, we have committed nearly $154 million in grant funding to promote higher education access and completion for students of color, low income students, and first-generation students. For additional information, visit home.mygreatlakes.org.
CampusLogic is transforming the way colleges and universities provide financial aid with its student self-service platform. Modern, mobile, and smart, the platform simplifies financial aid management. With 300K+ active students at nearly 40 colleges and universities, we help higher ed deliver an exceptional financial aid experience at a fraction of the time and budget institutions spend today.
Media Contact for CampusLogic