EXCLUSIVE – Greenlight Banking Technology, a fintech startup for kids, has aloft $16 actor in a Series A allotment annular today, Bank Innovation has learned.
Greenlight Technology is a aggregate of P2P and PFM appearance on a adaptable app, and is abnormal in that it focuses on children. It is no admiration that banks like Suntrust Bank, Ally Financial, and NBKC Bank accept taken absorption in the fintech by accommodating in this latest annular of funding. Working with Greenlight, no doubt, opens the aboideau for these banks to baby to a deluge of abeyant approaching barter — you know, back the kids abound up.
But for now, the Atlanta, Ga.-based Greenlight is authoritative absorbing strides for a aggregation that’s alone a year old, with over 75K customers, based on a antecedent Bank Innovation report.
Today’s annular of allotment is an adumbration of that progress. The $16 actor annular was led by led TTV Capital. A from those mentioned above, added investors included Canapi, and the Amazon Alexa Fund forth with absolute investors New Enterprise Associates Inc. (NEA) and Relay Ventures.
The aggregation affairs to use the funds to appoint new aptitude and aggrandize its artefact offerings, according to an email account by Tim Sheehan, CEO and Co-Founder of Greenlight.
“We’re aflame about our drive at Greenlight,” Sheehan said in an email to Bank Innovation. “With this annular of funding, we’re activity to abide accretion our chump abject through business and cardinal partnerships, while absorption on artefact development to abide to contentment our customers. With our projected advance over the aing 24 months, this annular of advance will advice our aggregation aggrandize to abutment our growing chump base.”
Sheehan, who aforetime co-led Yahoo Finance, started the aggregation as a adaptable app that enables parents/guardians to alteration money to their accouchement via adaptable app. Within months, Greenlight launched its own acute debit agenda powered by Mastercard, which parents can admeasure to a child. The agenda has a spending absolute of $1,000 and the ancestor can bushing the bulk instantly through the app as required. A ancestors is accustomed up to bristles cards per family. For the kids, a from giving them the adeptness to accept money, the app uses gamification and allurement approach to brainwash them on banking concepts like savings, advance and alike admixture interest.
Greenlight is accessible on both Android and Apple. The account costs $4.99 per ages per family, which includes cards for up to bristles accouchement of any age. The aboriginal 30-days of the account is free.
Last May, the aggregation aloft $7.5 actor in berry allotment led by Canadian Relay Ventures and included Social Capital, NEA, and TTV as investors.
To apprentice added about agenda payments and PFM, accompany us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click actuality to register.
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