Greenlight, the fintech company that pitches parents on kid-friendly bank accounts, has raised $260 million in a Series D funding round that nearly doubles its valuation to $2.3 billion.
The funding comes just months after the Atlanta-based startup landed $215 million in funding at a $1.2 billion valuation. With the latest round, Greenlight has now raised over $550 million.
Andreessen Horowitz (a16z) led its Series D, which also included participation from return backers TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, as well as new investors Wellington Management, Owl Ventures and LionTree Partners.
Since it launched its debit cards for kids in 2017, the company has managed to set up accounts for more than 3 million parents and children, who have saved more than $120 million through the app. That’s up from 2 million parents and kids having saved $50 million at the time of its September 2020 raise.
Overall, Greenlight says it has “more than tripled” YoY revenue, more than doubled the number of parents and kids on its platform and doubled the size of its team within the past year.
“Greenlight has quickly emerged as a leader in the family finance category,” said Andreessen Horowitz general partner David George, who will join Greenlight’s board of directors, in a written statement. “Greenlight was built to help parents raise financially-smart kids, and with its breakthrough combination of easy-to-use money management tools and educational resources, the company is well-positioned to become (Read more...)