Kaleidoscope Launches Full-Service Scholarship Funds Disbursement Platform The newly launched platform makes awarding money a seamless experience, while eliminating the administrative and compliance burden from busy teams.
Minneapolis, MN
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May 15, 2023 08:03 AM Central Daylight Time
Kaleidoscope, the leading fintech platform driving education-based philanthropy, today announced the launch of its full-service scholarship funds disbursement platform. The Kaleidoscope fintech platform connects sponsoring organizations, donors and applicants. It has facilitated over $600M in scholarships and grants since it was founded in 2017.
Philanthropy broadly is a $500B per year industry, with more than $160B per year distributed in the form of scholarships to pay for higher education and advancement. Despite its market size, philanthropy has been chronically underserved by financial technology and modern software solutions. Kaleidoscope’s breakthrough solution enables organizations to easily host, manage and seamlessly operate branded scholarship and grant programs. And now, its newly launched disbursement platform takes Kaleidoscope’s capabilities to the next level by making it easy to dynamically distribute and track money awarded to recipients.
There is enormous financial, tax and operational complexity around the transfer of scholarship funds from sponsor organizations to students. This burden often falls to stretched teams who don’t have the financial and compliance expertise to carry out the process, which can lead to errors and delays in getting funding to students. Kaleidoscope’s cutting-edge disbursement platform makes awarding money a seamless experience, while eliminating the administrative and compliance burden from busy teams.
Features of Kaleidoscope’s disbursement platform include end-to-end management of the disbursement process, comprehensive reporting capabilities and the ability to transfer funds via check, wire, ACH and spend-managed Kaleidoscope Pre-Paid Card.
"Kaleidoscope is already the leading scholarship management operational software platform," said Kaleidoscope CFO Jody Johnson. “We are now also the leading financial solutions platform for the scholarship industry. The funds disbursement industry has been stagnant for too long. We are excited to bring market leading technology tools to automate funds distribution, tracking, compliance and reporting to busy scholarship organizations.”
“Kaleidoscope has been a trusted financial and scholarship partner for many years. We appreciate the partnership with Kaleidoscope because it simplifies a very complex process for our team, and we can be certain it’s being handled with care. Our Live Más Scholarship recipients also appreciate having the expert Kaleidoscope team available to guide them through the disbursement process,” said Marissa Lara, Taco Bell Foundation.
To learn more about how Kaleidoscope can improve your scholarship or grant program, visit mykaleidoscope.com.
About Kaleidoscope
Kaleidoscope is a cloud-based fintech platform enabling organizations to fund, design, administer and host branded scholarship and grant programs. The platform uses leading technologies to deliver an end-to-end solution for sponsors, organizations and those they support. Kaleidoscope is building a future where financial aid and funding solutions are smart, cost-effective and as unique as the applicants they serve.
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