Family-centric FinTech Greenlight Financial Technology, Inc. has raised $260 million in a Series D funding round, valuing the startup at $2.3 billion, according to a Tuesday (April 27) press release.
Greenlight will use the funding to expand its product development and distribution. Greenlight offers a money management platform, which includes include a debit card and educational materials, designed to help families teach their children proper financial wellness skills.
Financial literacy often suffers when kids receive most of their financial education from their parents, who often lack adequate financial literacy themselves, PYMNTS recently reported. The U.S. notoriously lags behind other countries in providing financial literacy education in public schools.
“Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy,” Greenlight Co-Founder and CEO Tim Sheehan said in the press release. “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.”
Andreessen Horowitz led the funding round, which also included returning investors Wells Fargo Strategic Capital, TTV Capital, Canapi Ventures, Goodwater Capital, BOND and Fin VC. Owl Ventures, LionTree Partners and Wellington Management joined as new investors.
This comes just months after the startup raised $215 million, which boosted its valuation to $1.2 billion. Greenlight also reported in the press release that it more than tripled its year-over-year revenue in 2021 and more than doubled the number of customers on its platform to 3 million.
“The demand for Greenlight’s family finance solution continues to grow,” Johnson Cook, co-founder and president of Greenlight, said in the press release. “With the support of our investors, we look forward to empowering even more parents to raise financially-smart kids.”
Greenlight also recently launched Greenlight Max, an educational investing platform for kids. With the app, kids can learn how to research stocks and make real investments in stock options.
Selected by EFXA