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Greenlight Gets $215 Million Additional Funding 

In the recent round of funding, Greenlight gets another $215 million from investors, driving the firm’s market value to $1.2 billion. The current valuation grew five times in just ten months.

Canapi Ventures and TTV Capital are the most significant contributors to Series C funding backed by other global investment firms, namely BOND, DST Global, Goodwater Capital, Fin VC, and Relay Ventures.

The entrance of new cash gives the firm a total of $297 million in total funds. It started to raise funds during its inception back in 2014.

In 2019, it received $54 million support during its Series B offering from Drive Capital and other minor participation from JP Morgan Chase and Wells Fargo.

In recent years, financial technology experienced unprecedented attention in the market.

Since launching its first product three years ago, the Atlanta-based firm’s users expanded exponentially. In current figures, the app boasts 2 million users.

So far, in its three years of operations, the company has helped parents and kids collectively save $50 million.

The early-stage venture creates smart debit cards for kids, teens, and college students on the age bracket from 10 years old to 18 years old threshold. The average age of users are kids aged 12.

According to Greenlight, it seeks to empower parents to make financially-literate kids by exposing them to money-related platforms early on, giving them a greater chance to build long-term wealth.

The modern technology firm is the pioneer in delivering savings and financial tools targeted for the young.

Similarly, it is one of the first to give parents greater exposure over their kids’ expenditures by allowing them to participate in the process.

 

Greater Financial Literacy

The app allows parents to choose, track, monitor, and control their kids’ spending. This gives them the authority to select which stores their children can spend at. Moreover, it sends timely reports on the account’s financial activities.

Similarly, kids also benefit they could generate interest rates from their savings. This helps to motivate young users to store their dollars and feel confident about investing in general.

According to reports on technology news, the Series C funding will help to accelerate the company’s vision towards creating more educational layers into the digital platform.

This is to equip kids with streamlined, more efficient tools to build wealth in the longer-term period through more components on earning, saving, spending, and giving.

According to its chief executive, the fintech firm aims to teach financial literacy to the young. In order to fill the void of the lack as this niche is not taught in school.

He added that the tech firm’s primary goal is to see the young population grow into a financially-savvy generation. They will become more thoughtful of their purchases and capable of making smart decisions.

The Greenlight app costs a monthly payment of $5. It comes with parent-managed, fee-free debit cards for up to five kids.

The technology firm discovered a new category that it would like to focus on, along with the new cash from capital investors.

The Family Finance category, it says, has unmet and poorly met needs that it wants to address.



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