Greenlight Financial Technology, Inc., creator of the smart debit card for kids, teens, and college students, today announced it has raised $16 million in Series A financing. The funding round was led by TTV Capital with participation from existing investors, New Enterprise Associates Inc. (NEA) and Relay Ventures, and new investors SunTrust Bank, Ally Financial, nbkc bank, Canapi, and the Amazon Alexa Fund.
Greenlight's first round of financial education partnerships will help strengthen financial literacy among kids and inspire new generations of financially confident and successful adults. Greenlight's mission, approach, and platform to help parents raise financially smart kids - through its mobile app and smart debit card - align with the goals of innovative financial service providers as they take action toward improving financial education.
"It's never too early to begin learning how to manage money," said Ellen Koebler, head of consumer solutions for SunTrust. "Helping the next generation take a step towards financial confidence is one way in which SunTrust realizes its purpose of lighting the way to financial well-being. We are partnering with Greenlight because the company shares our commitment to providing financial education, as seen through this innovative solution for parents to instill smart saving and spending habits with their kids."
"At Ally, we focus on providing our customers with the right tools and offerings to make a real difference in how they manage their money," said Dinesh Chopra, Chief Strategy Officer of Ally Financial. "Our investment in Greenlight aligns with our vision to be a relentless ally for our customers' financial well-being. Through the relationship, we're supporting unique financial solutions aimed at helping families to teach children good money habits for the future."
The Series A financing will fuel Greenlight's extraordinary growth and fulfill its mission of delivering safe, simple, and family-friendly financial products worldwide. Additionally, the company plans to invest in new talent to keep pace with consumer demand and continue introducing innovative financial solutions.
"We're thrilled to partner with innovative financial service providers to bring Greenlight to millions of additional families and help parents prepare their children for financially successful futures," said Tim Sheehan, CEO and Co-Founder of Greenlight.
Continued investor support and confidence in Greenlight's offering and increasing momentum among consumers and financial service providers nationally have the company well-positioned to continue its strong consumer adoption.
"Greenlight's impressive growth is attracting partners who value its family-friendly approach, just as we do," said Tom Smith, partner at TTV Capital. "This unique solution for financial institutions is going to change the way parents teach the next generation about managing finances and will help to increase the overall financial literacy of consumers."
Greenlight is free for 30 days and then just $4.99/month per family, which includes cards for up to five children of any age. To learn more, visit us at www.greenlightcard.com.
About Greenlight Financial Technology, Inc.
Founded in 2014, Greenlight Financial Technology, Inc. is a Fintech company that's committed to helping parents raise financially smart kids. Its groundbreaking personal finance product, Greenlight®, is the world's first debit card for kids with patent-pending technology that enables parents to choose 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 is headquartered at Georgia Tech's Advanced Technology Development Center in Atlanta, GA, and is backed by leading investors, including Relay Ventures, TTV Capital, NEA, the Amazon Alexa Fund, and several leading financial service providers.