Greenlight Financial Technology, a US-based provider of child-friendly bank accounts backed by corporates including Amazon and multiple financial institutions, has raised $215m in funding, TechCrunch reported yesterday.
Canapi Ventures, TTV Capital, Bond, DST Global, Goodwater Capital and Fin VC provided the capital, which increased Greenlight’s valuation to $1.2bn.
Greenlight offers a debit card aimed at children, designed to teach them about responsible money management. The card is managed through a mobile app by a parent or guardian, who controls where the card can be used for purchases and how much children can spend.
The company has grown to two million users, who have saved more than $50m through the service, according to TechCrunch’s report.
Greenlight previously obtained $54m in a series B round backed by financial services firms Live Oak Bank, JPMorgan Chase and Wells Fargo in September 2019. Drive Capital led the round, while TTV Capital and Relay Ventures also invested.
TTV Capital led a $16m series A round in early 2018, and financial services firms SunTrust Bank, Ally Financial and NBKC Bank, as well as e-commerce firm Amazon’s Alexa Fund also injected capital at the time. New Enterprise Associates (NEA), Relay and Canapi also backed the round.
Relay Ventures led a $7.5m funding round in 2017, when TTV Capital, NEA and Social Capital also took part.
