Kid-focused money app Greenlight joins the ranks of US unicorns

Greenlight Financial Technology, a FinTech educating children about finances, has reached a $1.2bn valuation after the close of a $215m Series C.

The funding round was led by Canapi Ventures and TTV Capital, with commitments also coming from BOND, DST Global, Goodwater Capital, Fin VC and Relay Ventures.

With the fresh equity, the unicorn is looking to extend its reach and release an updated version of its app, which comes with new investing  tools for kids.

Since its launch in 2017, the company has built up a customer base of two million and has collectively helped kids save $50m.

The all-in-one money management platform offers a debit card for kids so they can spend their money as they wish. Parents can top up money on the card through the app, manage chores and set flexible spend controls.

Kids can also use the app for lessons in earning, saving, spending and more.

TTV founding partner Capital Gardiner Garrard said, “Greenlight’s rapid growth is a testament to the value they bring to millions of parents and kids every day. My wife and I trust Greenlight to give us the modern tools to teach our children how to manage money.”

Greenlight previously raised $54m in a funding round last year from backers including Drive Capital, JPMorgan Chase and Wells Fargo.

BOND general partner Noah Knauf said, “Greenlight’s smart debit card is transforming the way parents teach their kids about responsible money management and financial literacy.

“Having achieved phenomenal growth year-over-year, this is a company on the fast-track to becoming a household name. We look forward to working alongside the Greenlight team to support their continued growth.”

Greenlight has joined a growing list of FinTech unicorns in the US. Just this week, challenger bank Chime reached a $14.5bn valuation and small business insurance provider Next Insurance hit $2bn in value. Last month, retail investment platform Robinhood secured a $11.2bn valuation.

Copyright © 2020 FinTech Global

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