Smart debit card for kids company Greenlight Financial Technology has raised $7.5m in a Seed funding round.
Relay Ventures led the investment with participation from Social Capital, New Enterprise Associates and TTV Capital.
The Atlanta-based company offers smart debit cards for children that parents can control with their smartphone.
Parents can pick the exact stores where their kids can spend, freeze the card if lost or stolen, receive instant spending alerts and automate allowances.
Greenlight launched in January and now counts more than 10,000 paying customers.
Relay Ventures partner Alex Baker will join the company’s board as a result of the deal.
He commented: “Greenlight is helping parents raise financially smart kids, and has already sees significant traction in the market. This is an important investment in financial literacy for the next generation.”
The startups will use the funding to further accelerate it growth with the aim of processing more than 1,000,000 transactions this year.
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