Financial services firms Live Oak Bank, JPMorgan Chase and Wells Fargo contributed to a $54m series B round for US-based financial education platform developer Greenlight Financial Technology on Monday.
Venture capital firm Drive Capital led the round, which also featured fellow VC firms TTV Capital and Relay Ventures. Drive Capital partner Chris Olsen has joined the company’s board of directors in connection with the round.
Greenlight Financial provides a debit card designed for children to help them learn about the responsible use of money. Parents or guardians can manage use of the card with the company’s app and can set controls stating the stores in which it can be used for payment.
Thomas Richardson, head of strategic partnership investing for Wells Fargo, said: “At Wells Fargo, financial literacy and helping our clients succeed is a part of our core values.
“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 digitised product offering. We are impressed by Greenlight’s rapid growth, and we are excited to help fuel the next phase of its development.”
The company has now raised $77.5m since being founded in 2014, $7.5m of which came in a mid-2017 seed round led by Relay Ventures and backed by TTV Capital, New Enterprise Associates (NEA) and Social Capital.
TTV Capital led Greenlight’s $16m series A round in February 2018, investing with financial services firms SunTrust Bank, Ally Financial and NBKC Bank, NEA, Relay Ventures, Canapi and Alexa Fund, which was formed by e-commerce and home technology group Amazon.
