27 Apr, 2021, 09:05 ET
ATLANTA, April 27, 2021 /PRNewswire/ -- Greenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially-smart kids, today announces the close of $260 million in Series D funding. The series was led by Andreessen Horowitz with participation from return investors TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, as well as new investors Wellington Management, Owl Ventures and LionTree Partners. This brings Greenlight's total funding to over $550 million and increases the company's valuation from $1.2 billion to $2.3 billion in a six-month period. The investment will further fuel Greenlight's rapid growth as the company expands its product and distribution to improve the financial lives of even more families.
Greenlight is a comprehensive, all-in-one money management platform purpose-built for families that offers a suite of financial services across earning, saving, spending, giving and investing. It includes a debit card, companion app and educational resources that teach young people critical financial skills. Greenlight serves 3 million parents and kids, helping them learn healthy financial habits and collectively save more than $120 million to-date.
"Greenlight has quickly emerged as the leader of the family finance category," said Andreessen Horowitz general partner David George, who will join Greenlight's board of directors. "Greenlight was built to help parents raise financially-smart kids, and with its breakthrough combination of easy-to-use money management tools and educational resources, the company is well-positioned to become one of the most loved and trusted brands for families around the world."
The announcement comes on the heels of unprecedented growth and new product innovation from Greenlight. The company has more than tripled YoY revenue, more than doubled the number of parents and kids on its platform and doubled the size of its team within the past year. Investment bank Piper Sandler recently reported that Greenlight leads market penetration in the teen app category at 33% while others are predominantly in the single-digit percent range.
Greenlight also recently introduced the first educational investing platform for kids — Greenlight Max. Kids research stocks with expert analysis powered by Morningstar®, learn from a library of in-app educational content and make real investments with parental approval. Since the launch in January 2021, Greenlight kids have made tens of thousands of investments with the most popular stocks including AAPL, AMZN, MSFT and TSLA.
"Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy," said Tim Sheehan, co-founder and CEO of Greenlight. "Today's financing will enable us to bring even more value to families as we continue to introduce new innovative products that shine a light on the world of money."
The new funding will be used to accelerate product development to add more financial services to Greenlight's platform and to invest further in strategic distribution partnerships and geographic expansion to reach more families. The capital will also be used to hire more world-class talent with plans to add 300 new employees with a focus on engineering over the next two years.
"The demand for Greenlight's family finance solution continues to grow," said Johnson Cook, co-founder and president of Greenlight. "With the support of our investors, we look forward to empowering even more parents to raise financially-smart kids."
Greenlight Financial Technology is an Atlanta-based fintech company committed to empowering parents to raise financially-smart kids. Its groundbreaking family finance product, Greenlight, is a comprehensive, all-in-one money management platform purpose-built for families. With a parent-managed debit card for kids and companion app, parents can automate allowance, manage chores, set flexible spend controls and enable their kids to become investors. Kids explore lessons in earning, saving, spending, giving and investing while learning to make real-world tradeoff decisions.
The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. For more information, please visit: www.greenlightcard.com.
Director of Public Relations
SOURCE Greenlight Financial Technology, Inc.
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