A startup that offers smart debit cards to young spenders ought to be smart with money. Greenlight Financial Technology has proved yet again it knows its way around cash, raising yet another impressive funding round.
The Atlanta fintech firm that supplies smart debit cards to kids has raised $39.1 million of a planned $54.1 million round from 17 investors, according to an SEC filing. In July of 2018, the startup announced it had exceeded its original $16 million Series A round and raised $20 million. Following the investment, the company was valued at about $50 million. If the startup is successful in this funding round, Greenlight will have raised a total of $81.6 million.
Atlanta Inno has contacted Greenlight to learn more about what the new funding will be used for. Company representatives told Atlanta Inno last year the company’s funds in 2018 would be used to help fuel growth. Previous investors include Amazon Alexa Fund, SunTrust Banks Inc., Ally Financial Inc., TTV Capital, New Enterprise Associates and Relay Ventures.
Greenlight developed a smart debit card for kids, that allows parents to monitor and manage their child’s spending from a smartphone. Parents can choose which stores their child can spend money, freeze the card if it’s lost of stolen, receive spending alerts and automate allowances. The goal is to teach kids how to manage money in a digital world.