A few more links to sources of information, roughly in order by date:
1- Milken-Penn GSE Education Business Plan Competition & Conference, 2013 finalists
2- Preston Silverman, Raise.me cofounder, on crunchbase
3- Raise.me, on crunchbase
4- EdSurge edtech review of Raise
5- Gigaom article, May 16, 2013
6- Technically article, Dec 04, 2014
7- CNN Money Tech article, Sept 18, 2015
8- Here and Now article, Nov 4, 2015
9- Business Insider article, Jan 19, 2016: shows sample student profile
10- crunch article, June 10, 2016: "Scholarships are the new sweepstakes"

This snippet from the CNN article may be of interest:
Originally Posted by CNN article
...learned about the program a few months before she graduated high school in June, but the program allows students to retroactively include information. So even as a senior, [she] could log her grades and activities for the past four years.
Meanwhile, information at the linked Milken-Penn GSE and Technically articles causes me to wonder:
Was University of Pennsylvania possibly the college which mentioned Raise.me to your son?

The EdSurge article mentioned that colleges are charged $4,000 - $20,000 based on the college's involvement with the program. This is sufficiently nebulous as to mean anything... including possibly a sliding fee scale depending upon the number of students referred to Raise.me.