US-based Greenlight Financial Technology has raised $7.5 million in seed funding. Relay Ventures led the round with participation from Social Capital, New Enterprise Associates and TTV Capital.
Greenlight, which has developed smart debit cards for kids, enabling parents to manage their offspring's spending from their smartphone, has also added its 10,000th paying customer following its January launch and claims that it is on track to process over 1,000,000 transactions this year. It plans to use this injection of funding to accelerate its growth. It is also expanding its team and hiring for several positions in engineering, marketing and customer service.
“Greenlight’s vision is to improve financial literacy for kids through a modern, smart, and easy- to-use debit card solution supported by a mobile app that features an exclusive set of parental controls,” says Alex Baker, Partner at Relay Ventures and new member of Greenlight’s Board of Directors. “Greenlight is helping parents raise financially smart kids, and has already sees significant traction in the market. This is an important investment in financial literacy for the next generation.”