San Diego-based JMI Equity led a $55 million investment into CampusLogic, a Phoenix-based student financial services platform, the companies announced April 25.

The Arizona software company, founded in 2011, said it has nearly 500 higher education customers that serve more than three million students.

CampusLogic said it plans to use the new funding to bolster its product, customer success, sales and marketing. It also intends to explore strategic acquisitions that would broaden its platform, it said.

JMI’s Peter Arrowsmith, general partner, and Krishna Potarazu, senior director, will join CampusLogic’s board of directors as part of the deal.

Since its start in 1992, JMI has raised more than $3 billion of committed capital, invested in more than 130 businesses and completed about 85 exits.

Reach reporter Sarah de Crescenzo at sarahd@sdbj.com.