Greenlight raises $215 mn in Series C at $1.2 bn valuation

By Pavithra R

Greenlight Financial Technology, the FinTech company aiming to help parents raise financially-smart kids, has announced that the firm has raised $215 mn in Series C funding reaching a valuation above $1.2 bn.

The investment round was led by Canapi Ventures & TTV Capital with participation from new investors DST Global, Goodwater Capital, BOND, and Fin VC along with Greenlight’s first institutional investor Relay Ventures.

Greenlight, since its launch of debit cards for kids in 2017 has seen experienced explosive growth. According to company data, the FinTech now serves more than two mn parents and kids, helping them manage their family finances and navigate the world of money together. To-date, Greenlight kids have collectively saved more than $50 mn.

“Greenlight’s purpose-based mission of bringing financial literacy to families is massively impactful. We’re super excited to back this amazing leadership team who is introducing financial services to an entirely new demographic,” said Neil Underwood, partner and co-founder of Canapi Ventures. 

Greenlight is a comprehensive, all-in-one money management platform purpose-built for families. Its parent-managed debit card for kids with companion apps give parents the ability to pay allowance, manage chores and set flexible, store-level spend controls. Kids explore lessons in saving, spending, earning, and giving with a debit card and app designed just for them.

“We’re honored to partner with both new and existing investors for our Series C round to continue inspiring future generations to be financially happy and healthy,” said Johnson Cook, President and Co-Founder of Greenlight.

The new funding is expected to bolster Greenlight’s mission, propelling the firm to reach more families and provide them with many new ways for kids to learn about the world of money. The company is also planning to completely reimagine its app and add new investing tools made for kids.

“Our vision is to help all families worldwide to be smart about personal finance, providing innovative ways for kids to learn, so that every child can reach their full potential. We look forward to continuing to grow with our families,” said Tim Sheehan, CEO and Co-Founder of Greenlight.

Founded in 2014, Greenlight Financial Technology is a FinTech company that empowers parents to raise financially smart kids. Its family finance product, Greenlight, is a debit card for kids that parents manage via a SaaS application. According to company data, in 2019, the FinTech managed more than $150 million through the Greenlight app.