Greenlight Financial Technology, the startup behind an app and debit card for kids and college students, has raised $16 million in a Series A funding round joined by SunTrust Bank, Ally Financial and the Amazon Alexa Fund.
Atlanta-based Greenlight combines a "smart" debit card with an app to help kids improve their financial literacy while giving parents controls on spending. After a 30 day free trial, the service costs $4.99 a month per family, covering cards for up to five children.
The funding round was led by TTV Capital and joined by existing investors New Enterprise Associates and Relay Ventures as well as new backers nbkc bank and Canapi. The new money will be used to push growth worldwide and make a significant number of new hires.
SunTrust, Ally Financial, nbkc bank, Canapi and Amazon Alexa Fund are also forming "financial education partnerships" with the firm.
Ellen Koebler, head, consumer solutions, SunTrust, says: "We are partnering with Greenlight because the company shares our commitment to providing financial education, as seen through this innovative solution for parents to instill smart saving and spending habits with their kids."