Providing financial services to underage children is always a daunting task. Greenlight Financial Technology feels now is the time to issue a debit card for kids.
Does Your kid Need a Debit Card?
It is no secret that most people have little to no idea as to how money and finances work.
Training them to get acquainted with these concepts at an early age can offer significant benefits.
Issuing a debit card – with a companion app – to children will always be a tough order.
Greenlight Financial Technology aims to do so after securing new funding.
More specifically, the company raised $215 million in Series C funding earlier this week.
Thanks to this funding round, the company is now valued at $1.2 billion.
Noteworthy investors include DST Global, Fin VC, and in previous rounds. JPMorgan Chase and Wells Fargo.
For parents, they can configure allowances, chores, and store-level spending controls.
Children using the app will be educated on earning, saving, and giving money for a wide variety of purposes.
Over two million people make use of this debit card service offered by Greenlight Financial Technology.
With the extra funding, the company will focus on growth, revamping the app, and launching new investing tools.