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The financial tech startup offers debit cards for children that can be controlled by parents using the Greenlight App. Since its launch in 2017, the company has experienced rapid growth.
FREMONT, CA: Atlanta based financial tech startup, Greenlight Financial Technology Inc. raised USD 54 million in a Series B funding round led by Drive Capital. The fintech company aims to empower parents to build a financially smart generation. The funding was participated by TTV Capital, Live Oak Bank, Relay Ventures, JPMorgan Chase, and Wells Fargo.
The financial tech startup offers debit cards for children that can be controlled by parents using the Greenlight App. Since its launch in 2017, the company has experienced rapid growth. The new investment will continue to fuel the company's growth and accelerate the company's development roadmap.
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"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," said Chris Olsen, Partner at Drive Capital, who has joined the Greenlight Board. "What attracted us to Greenlight is the scarcity of tech platforms empowering consumers to be more financially successful."
Currently, more than half a million parents have subscribed to Greenlight's debit card services for their children. The flexible and avid range of features makes the service a very user-friendly one. The app allows parents to decide which stores their children can make use of the card at and also has schemes for savings and interest rates. In due process, kids can learn more about financial transactions and empower themselves to make mature and responsible financial decisions.
"At Wells Fargo, financial literacy and helping our clients succeed is a part of our core values," said C. Thomas Richardson, head of Strategic Partnerships Investing at Wells Fargo. "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."
Greenlight's aim to weave more educational layers into its app to improve the user experience will be accelerated further with the help of this series B funding. "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," said Tim Sheehan, CEO, and Co-Founder of Greenlight. "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."
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