Photo credit: Greenlight

Greenlight Financial Technology, an Atlanta-based banking upstart whose service is primarily built for kids, has raised $215 million in Series C funding that values it at over $1.2 billion and boosts the total amount of funding that the company has raised since its inception to nearly $300 million. The new funding was co-led by venture capital firms Canapi Ventures and TTV Capital, with participation from investors including DST Global, Bond, Fin VC, Goodwater Capital, and Relay Ventures. Greenlight as a company was founded in 2014 but debuted its main product, a debit card built for kids, three years later. It’s such that the company now serves over 2 million customers in the US, customers whom Greenlight says have collectively saved more than $50 million thanks to its platform.

Greenlight isn’t just a mere debit card built for kids but overall a money management platform where parents can manage their kids’ finances on the go. The company’s product is particularly attractive given that its current child customers could convert into parent users as they grow. Before now, Greenlight’s last known financing round came in September of last year, whereas that round, a $54 million investment, came from a group of investors including banking giants JPMorgan Chase and Wells Fargo. As of then, Greenlight reported having 500,000+ customers, compared to 2 million+ now, implying rapid growth given that was only a year ago. 

Greenlight is backed by a host of well-known investors, several already aforementioned, as well as the likes of Social Capital and New Enterprise Associates. It’s such that three years ago Greenlight was celebrating surpassing 10,000 customers but has greatly multiplied that number in just three years. Greenlight primarily makes money from charging subscription fees for access to its app, usually $5 per month. Running some numbers, Greenlight’s 2 million+ customers could be bringing in $10 million+ in monthly revenue and $120 million annually. It’s then no surprise that the company is being valued at up to $1.2 billion by investors.

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