- Allovue, a company that connects school bottom lines to student outcomes, has raised $1 million, which EdSurge suggests signals the start of a new ed-financial-tech (edfintech) sector.
- Allovue will use the new funds for "Balance," a platform that tracks financial information like budgets and spending, as well as student data ranging from attendance to state test scores.
- Balance is currently being used in New Haven Public Schools and Baltimore City Public Schools, the extra funds will be used to expand to more districts.
Over the summer, Allovue plans to launch a new course, "Financial Savvy,” which is being marketed as a diagnostics and training course to help administrators (specifically principals) manage their budgets.
Even before you get into the connection of student and financial data, the mere fact that this program tracks and easily organizes school spending, letting schools easily see how money has been spent and then how students have performed once that money is used, is a plus.