Greenlight Financial Technology, Inc., an Atlanta, GA-based fintech company focused on helping parents raise financially-smart kids, closed a $260m Series D funding.
The round, which brought total funding to over $550m and increased the company’s valuation to $2.3 billion in a six-month period, was led by Andreessen Horowitz with participation from return investors TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, as well as new investors Wellington Management, Owl Ventures and LionTree Partners. In conjunction with the funding, Andreessen Horowitz general partner David George, will join Greenlight’s board of directors.
The company intends to use the funds to accelerate product development to add more financial services to the platform, to invest further in strategic distribution partnerships and geographic expansion, hire more talent with plans to add 300 new employees with a focus on engineering over the next two years.
Led by Tim Sheehan, co-founder and CEO, and Johnson Cook, co-founder and president, Greenlight provides an all-in-one money management platform purpose-built for families that offers a suite of financial services across earning, saving, spending, giving and investing. It includes a debit card, companion app and educational resources that teach young people critical financial skills.
The company recently introduced the first educational investing platform for kids — Greenlight Max. It enables kids to research stocks with expert analysis powered by Morningstar®, learn from a library of in-app educational content and make real investments with parental approval. Since the launch in January 2021, Greenlight kids have made tens of thousands of investments with stocks including AAPL, AMZN, MSFT and TSLA.
The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International.