JPMorgan Chase And Wells Fargo Invest In Debit Card For Kids Company Greenlight

By Amit Chowdhry ● September 19, 2019
  • Greenlight Financial Technology recently announced that it raised $54 million in Series B funding led by Drive Capital

Greenlight Financial Technology — a fintech company that is empowering parents to raise financially-smart kids — announced it has raised $54 million in Series B funding led by Drive Capital with participation from JPMorgan Chase and Wells Fargo. And existing investors TTV Capital, Live Oak Bank, and Relay Ventures also participated. This round of funding will be used for driving continued growth and accelerating the company’s development roadmap.

“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 Greenlight CEO and co-founder Timothy Sheehan. “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.”

Greenlight is known for offering a debit card for kids that are able to manage through the Greenlight app with flexible parental controls. And Greenlight has experienced rapid growth since launching its product in 2017 by helping more than half a million parents and kids manage daily family finances.

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With Greenlight, parents can choose the exact stores where their children can spend, manage chores and allowances, set parent-paid interest rates on savings, etc. And kids can monitor balances, create saving goals and learn to make real world trade-off decisions.

“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,” added Chris Olsen, a 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.”

This round of funding will also accelerate Greenlight’s mission-driven roadmap for weaving more educational layers into the app experience along with investing in order to get kids familiar with the tools to build long-term wealth.

“At Wells Fargo, financial literacy and helping our clients succeed is a part of our core values,” said C Thomas Richardson, a managing director and the head of Strategic Partnership 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.”

The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by MasterCard International.