Less than a year after securing $215 million through its Series C funding round, Greenlight Financial Technology, Inc., a U.S.-based fintech company that created a smart debit card for kids, teens, and college students, announced on Tuesday it raised an additional $260 million through its Series D funding round, which was led by Andreessen Horowitz with participation from TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, Wellington Management, Owl Ventures, and LionTree Partners. The investment round brings Greenlight’s total funding to over $550 million and increases the company’s valuation from $1.2 billion to $2.3 billion in a six-month period.
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.”
Speaking about the investment round, Tim Sheehan, Co-Founder and CEO of Greenlight, stated:
“Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy. Today’s financing will enable us to bring even more value to families as we continue to introduce new innovative products that shine a light on the world of money.”
The new funding will be used to accelerate product development to add more financial services to Greenlight’s platform and to invest further in strategic distribution partnerships and geographic expansion to reach more families.