Greenlight Financial Technology, Inc., creator of the smart debit card for kids, teens and college students, today announced a new milestone in reaching 100,000 customers.
Greenlight grew its customer base more than 300% in less than 6 months as parents continue to choose Greenlight to help their kids make smart financial decisions and create habits for a financially successful future.
100,000 Customers Strong and Growing
Since launching the smart debit card for kids in early 2017, Greenlight has seen significant growth fueled by its suite of safe, family-friendly features including store-level controls, real-time spending alerts, automated allowances, and instant funding options. Greenlight continues to listen to their customers and develop new innovative capabilities to advance its mission of helping parents raise financially smart kids.
“Parents want to teach their children how to be smart with money at an early age so they will make good financial decisions in the future,” said Tim Sheehan, CEO and co-founder of Greenlight. “By using the Greenlight Card and App, kids can see in real-time what’s happening with their money, keeping them engaged and invested, while creating natural opportunities for parents to have financial conversations with them.”
Greenlight has attracted several leading financial service partners in addition to one of the world’s largest retailers that see a compelling future for the company and further opportunity for growth. Less than a month ago, Greenlight closed a $16MM Series A led by TTV Capital and participation from New Enterprise Associates Inc. (NEA), Relay Ventures, SunTrust Bank, Ally Financial, nbkc bank, Canapi, and the Amazon Alexa Fund. Now, the company is excited to announce hitting the critical milestone of 100,000 customers.
Greenlight Educational Savings Account for Kids
Greenlight is just getting started as it continues to deliver simple and safe solutions for families to teach their kids important financial concepts. They recently rolled out the Greenlight Educational Savings Account for Kids which helps parents teach their kids the importance of saving. Teaching kids to save can be difficult because kids’ savings account balances are fairly small, and interest rates are typically very low. Greenlight Savings allows parents to set their own interest rate and pay the interest automatically within the child’s Greenlight Savings Account.
Kids can now see real growth in their savings account, how interest works over time, and the impact of spending versus saving, which helps them understand the importance of saving for the future. Greenlight families have already contributed over $250,000 into savings at an average interest rate of 19%.
“Our new Educational Savings Account for Kids is just another way parents can use Greenlight to help their children establish the healthy financial behaviors they’ll need to set themselves up for success in the future,” said Sheehan. “We’re excited to continue partnering with parents to introduce new innovative solutions that help them raise financially smart kids.”