Greenlight Financial Technology, Inc., an Atlanta, GA-based fintech company for parents to raise financially-smart kids, raised $54m in Series B funding.
The round was led by Drive Capital with participation from JPMorgan Chase and Wells Fargo and existing investors TTV Capital, Live Oak Bank and Relay Ventures. In conjunction with the funding, Chris Olsen, Partner at Drive Capital, joined the Greenlight Board.
The company intends to use the funds to accelerate its development roadmap.
Led by Tim Sheehan, CEO and Co-Founder, Greenlight offers a debit card for kids that parents manage through an app using flexible parental controls. The product allows parents to choose the exact stores where their children can spend, manage chores and allowances, set parent-paid interest rates on savings and more. Kids monitor balances, create saving goals and learn to make real world trade-off decisions.
The company has experienced rapid growth since launching its product in 2017, helping more than half-a-million parents and kids manage daily family finances.
The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by MasterCard International.