Greenlight Financial Technology, Inc., an Atlanta, GA-based creator of a smart debit card for kids, raised $7.5m in seed funding.
The round was led by Relay Ventures with participation from Social Capital, New Enterprise Associates (NEA) and TTV Capital. In conjunction with the funding, Alex Baker, Partner at Relay Ventures, joined Greenlight’s Board of Directors.
The company intends to use the funds to accelerate its growth, expand the team and hire for several positions in engineering, marketing and customer service.
Founded in 2014 by Tim Sheehan, CEO, Greenlight Financial Technology provides a Greenlight®, a debit card for kids with patent-pending technology that lets parents pick the exact stores where their children can spend.
The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by MasterCard International.
The company, which came out of Georgia Tech’s incubator, Advanced Technology Development Center, has already reached 10,000th paying customers following its January 2017 launch and is on track to process over 1,000,000 transactions this year.