Greenlight Financial Technology, which aims to help parents raise financially smart children, has bagged $54m in its Series B.
The round was led by Drive Capital with contributions also coming from JPMorgan Chase and Wells Fargo. Previous backers of Greenlight TTV Capital, Live Oak Bank, and Relay Ventures, also contributed to the round.
Having closed the round, the company hopes to further its growth and accelerate its development roadmap. The FinTech would like to add further educational layers into the app and help users get better at building long-term wealth.
The company provides kids with a debit card which parents can manage through the Greenlight mobile app. Parents can choose what stores their children can spend money at, manage chores and allowances, establish parent-paid interest rates on savings, and more. Children can use the platform to monitor balances, create saving goals and learn how to make “real world trade-off decisions.”
Since the product launched in 2017 the company has achieved more than half-a-million parents and kids use its service.
Drive Capital partner Chris Olsen said, “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.”
As part of the deal, Olsen will join the Greenlight board of directors.
Last year, the company closed its Series A round on $16m following investments from TTV Capital, New Enterprise Associates and Relay Ventures, among others. The capital was raised to support the development of the company.
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