US-based smart debit card developer Greenlight Financial Technology secured $16m on Wednesday in a series A round that included e-commerce and cloud computing firm Amazon’s Alexa Fund.
Fintech-focused venture capital firm TTV Capital led the round, which also featured financial services firms SunTrust Bank, Ally Financial and NBKC Bank as well as Canapi, New Enterprise Associates (NEA) and Relay Ventures.
Founded in 2014, Greenlight has created a smart debit card for use by children, teenagers and students that enables parents or guardians to choose which outlets it can be used. The company will put the proceeds toward company growth and recruitment.
Ellen Koebler, SunTrust’s head of consumer solutions, said: “Helping the next generation take a step towards financial confidence is one way in which SunTrust realises its purpose of lighting the way to financial well-being.
“We are partnering with Greenlight because the company shares our commitment to providing financial education, as seen through this innovative solution for parents to instil smart saving and spending habits with their kids.”
Relay Ventures had previously led Greenlight’s $7.5m seed round in June 2017, investing alongside NEA, TTV Capital and Social Capital.
– Photo courtesy of Greenlight Financial Technology, Inc.