Greenlight Financial Technology, Inc., a U.S.-based fintech company that created a smart debit card for kids, teens, and college students, announced on Thursday it raised $215 million through its Series C funding round, which was led by Canapi Ventures and TTV Capital with participation from new investors BOND, DST Global, Goodwater Capital, and Fin VC along with Greenlight’s first institutional investor Relay Ventures. The funding round comes just a little over a year after Greenlight raised $54 million through its Series B funding round.
As previously reported, Greenlight claims it makes a debit card for kids and a mobile app that empowers parents with convenient controls to safely manage family finances and create teachable moments around earning, spending, saving, and giving. Greenlight further explained that its product allows parents to choose the exact stores where their children can spend, manage chores and allowances, set parent-paid interest rates on savings, etc. Kids monitor balances, create saving goals, and learn to make real-world trade-off decisions.
“Greenlight is easier and more flexible than cash, with parental controls that allow families to manage exactly where, and how much their kids can spend.”
Greenlight also noted that it now serves more than 2 million parents and kids, helping them manage their family finances and navigate the world of money together. To date, Greenlight kids have saved more than $50 million.
Greenlight went on to add that the Series C funding will accelerate its mission, propelling the company to reach more families and provide them with new ways for kids to learn about the world of money.
“In the coming months, Greenlight families can look forward to a completely reimagined app and new investing tools made for kids.”