The funding round will help Greenlight to reach more families and offer them with new ways for kids to learn how to manage money
Greenlight Financial Technology, a fintech company that supports parents in teaching children on how to manage money, has secured $215m in the latest funding round that values the company at $1.2bn.
The funding round in Greenlight was led by Canapi Ventures and TTV Capital with participation from new investors BOND, DST Global, Goodwater Capital and Fin VC.
Greenlight’s first institutional investor Relay Ventures has also participated in the funding round.
Founded in 2014, Greenlight offers debit card for kids and currently serves over 2 million parents and kids, supporting them to manage their family expenses.
Greenlight CEO and co-founder Tim Sheehan said: “Our vision is to help all families worldwide to be smart about personal finance, providing innovative ways for kids to learn, so that every child can reach their full potential. We look forward to continuing to grow with our families.”
Greenlight to expand its reach with the new funding
Greenlight offers an all-in-one money management platform, which has been purpose-built for families.
The funding round is expected to enable the company to increase its reach to more families, offering them new ways to teach kids about money management.
A parent-managed debit card for kids and companion apps offered by the company offers parents the ability to pay allowance, manage chores and set flexible, store-level spend controls.
The company said that it has specifically designed its debit card and app for kids to enable them to learn about savings, earning, and spending.
TTV Capital founding partner Gardiner Garrard said: “Greenlight’s rapid growth is a testament to the value they bring to millions of parents and kids every day. My wife and I trust Greenlight to give us the modern tools to teach our children how to manage money.
“TTV Capital is thrilled to provide continued investment to help the company empower more parents.”