Tim Sheehan, CEO and Co-Founder of Greenlight Financial Technology, is excited to share that his company is now valued at more than $1.2 billion, after raising $215 million in Series C funding in September. “For us, the premier backers we have are confirmation that we have been doing everything right,” he says.
Greenlight is the comprehensive, all-in-one money management platform purpose-built for families. Its parent-managed debit card for kids with companion apps gives parents the ability to pay allowance, manage chores and set flexible, store-level spend controls. Kids explore lessons in earning, saving, spending and giving with a debit card and app designed just for them.
Since launching its debit card for kids in 2017, Greenlight has experienced explosive growth. The company now serves more than 2 million parents and kids, helping them manage their family finances and navigate the world of money together. Todate, Greenlight kids have collectively saved more than $50 million.
“Our fantastic investor syndicate was led by Canapi Ventures and TTV Capital,” says Tim, along with participation from new investors BOND, DST Global, Goodwater Capital, Fin VC and Greenlight's first institutional investor, Relay Ventures. “We have an incredible mix,” he says,“and we are thrilled to be partnering with both new and existing investors for our Series C round to continue to shine a light on the world of money and help families raise financially-smart kids.”
The Series C funding will accelerate Greenlight's mission, propelling the company to reach more families and provide them with new ways for kids to learn about money. In the coming months, Greenlight families can look forward to a reimagined app and new investing tools made just for kids.
“We are the first mover and clear leader in teaching financial literacy in this country,” says Tim, “and that is an enviable position to be in. Everyone has been saying for years that we need to teach our kids how to manage money, but no one has figured out how to do it at scale before us.”
It was not an easy task. Before founding Greenlight, Tim worked as the Lead Entrepreneur In Residence at Georgia Tech's startup incubator, the Advanced Technology Development Center. Starting Greenlight meant getting to the bottom of the problem — and listening to parents who needed a solution for their family finances. “We spent a lot of time identifying the problem to be solved and listening to the voice of customers, the parents,” he says, “and then we worked to get the product right, the marketing right and the funding right.”
For now, the focus at Greenlight is to make the product stronger as a consumer brand. “After we put millions more cards into the hands of kids — with their parent’s permission — can we provide collateral financial services to these kids as they mature? Someone needs to provide their first car loan,” Tim says.
"But for now, we will stick with our vision — to help all families raise financially-smart kids, providing innovative ways for them to learn, so that every child can reach their full potential. We look forward to continuing to grow with our families."