Greenlight, creator of the smart debit card for kids, teens, and college students, today announced it 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.
“The shift towards digital payments is changing the way people manage and learn about money,” said Ellen Koebler, head of consumer solutions for SunTrust. “As a company committed to helping clients achieve financial confidence, we know it’s never too early for people to begin learning how to manage their money. We are partnering with Greenlight because the company shares our commitment of 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 is free for 30 days and then just $4.99/month per family, which includes cards for up to five children of any age.