Greenlight raises $54M

Greenlight Financial Technology , the fintech company on a mission to empower parents to raise a generation of “financially-smart kids,” announced a $54 million Series B round led by Drive Capital with participation from JP Morgan Chase and Wells Fargo. Existing investors TTV Capital, Live Oak Bank and Relay Ventures also participated.

Founded in 2014, the Atlanta-based company offers a debit card for kids that parents manage through the Greenlight app. 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.

“Greenlight has built an incredible platform that makes it convenient and safe for parents and kids to manage their money. We’re proud to support their growth and help them on their mission. What attracted us to Greenlight is the scarcity of tech platforms empowering consumers to be more financially successful.” – Chris Olsen, Partner at Drive Capital.

“At Wells Fargo, financial literacy and helping our clients succeed is a part of our core values. Greenlight offers parents an opportunity to build that core competency of financial literacy in their child’s formative years, through its innovative, interactive and fully digitized product offering. We are impressed by Greenlight’s rapid growth, and we are excited to help fuel the next phase of its development.” – C. Thomas Richardson, head of Strategic Partnership Investing at Wells Fargo.

“We’re thrilled to partner with our Series B investors to bring Greenlight to millions of new families and help parents prepare their children for healthy financial futures. In the near future, I hope that this generation of kids grow up to spend wisely, learn the importance of saving and feel confident investing to build wealth over the long-term.” – Tim Sheehan, CEO and cofounder of Greenlight.