Greenlight Financial Technology, Inc., a Georgia-based fintech company that created a smart debit card for kids, teens, and college students, announced on Wednesday it secured $16 million during its latest Series A financing round, which was led by TTV Capital with participation from existing investors, New Enterprise Associates Inc. (NEA) and Relay Ventures, and new investors SunTrust Bank, Ally Financial, nbkc bank, Canapi, and the Amazon Alexa Fund. The company reported:
“Greenlight’s first round of financial education partnerships will help strengthen financial literacy among kids and inspire new generations of financially confident and successful adults. Greenlight’s mission, approach, and platform to help parents raise financially smart kids – through its mobile app and smart debit card – align with the goals of innovative financial service providers as they take action toward improving financial education.”
Greenlight also noted that the Series A financing will fuel its growth and fulfill its mission of delivering safe, simple, and family-friendly financial products worldwide. Additionally, the company plans to invest in new talent to keep pace with consumer demand and continue introducing innovative financial solutions. Tim Sheehan, CEO and Co-Founder of Greenlight, stated:
“We’re thrilled to partner with innovative financial service providers to bring Greenlight to millions of additional families and help parents prepare their children for financially successful futures,” said Continued investor support and confidence in Greenlight’s offering and increasing momentum among consumers and financial service providers nationally have the company well-positioned to continue its strong consumer adoption.
Tom Smith, Partner at TTV Capital, added:
“Greenlight’s impressive growth is attracting partners who value its family-friendly approach, just as we do. This unique solution for financial institutions is going to change the way parents teach the next generation about managing finances and will help to increase the overall financial literacy of consumers.”
Greenlight is free for 30 days and then just $4.99/month per family, which includes cards for up to five children of any age.