"We are thrilled to receive this additional funding, which comes from investors who have taken a long-term, strategic view on our unique business model and the neglected market we serve," said Richard Steggall, Founder and CEO, of Waspit. "Their commitment to Waspit highlights the tremendous growth potential that exists for our brand and reinforces our goal of being the complete banking and social commerce tool for students."

Waspit plans to use the funding to enhance its sales and marketing efforts, as well as to continue rolling out additional feature sets for its users. Since its official launch just two months ago, more than 5,500 students have registered for the service, with another 16,000 requesting an invitation to use the platform.Waspit has been busy expanding its reach on college campuses throughout the country by way of its unique on-campus ambassador program.

Waspit Ambassadors develop and implement localized marketing strategies for their school, host Waspit-themed events and sign up new users, while also gaining valuable real-world experience. Waspit currently has 96 ambassadors spread out across 34 campuses, and those numbers continue to grow.

While Waspit's features make it highly appealing to students, they also encourage fiscally responsible habits, making it appealing to another important audience - their parents. According to Richard Steggall, "It is important that we emphasize to parents the benefits Waspit offers when it comes to fiscal responsibility and security for students. Our approach allows us to bring both together while also remaining appealing to college students."