Greenlight Financial Technology, the startup behind an app and debit card for kids, has closed a $54 million Series B funding round led by Drive Capital and joined by JPMorgan Chase and Wells Fargo.
Atlanta-based Greenlight combines a "smart" debit card with an app to help kids improve their financial literacy while giving parents controls on spending. Since launching in 2017, half a million parents and kids have signed up.
Parents can choose the exact stores where their children can spend, manage chores and allowances, set parent-paid interest rates on savings and more. Kids monitor balances, create saving goals and learn to make real world trade-off decisions.
Thomas Richardson, head, strategic partnership investing, Wells Fargo, says: "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 digitized product offering.
"We are impressed by Greenlight's rapid growth, and we are excited to help fuel the next phase of its development."