Greenlight, a company that provides financial services technology for kids, announced today it has landed $260 million in funding. Today’s investment nearly doubles the Georgia-based company’s valuation, boosting it up to $260 million.
The Series D round, which brings Greenlight’s total funding to more than $550 million, was led by Andreessen Horowitz with participation from existing investors TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital. New investors Wellington Management, Owl Ventures, and LionTree Partners also participated. Andreessen Horowitz General Partner David George will join Greenlight’s board of directors.
As for Greenlight’s valuation, the company saw an increase from $1.2 billion to $2.3 billion over the course of six months.
Greenlight will use today’s funds to add more services to its platform, increase its distribution partnerships, and expand to more geographies to ultimately reach more families. Additionally, the company will use the investment to increase its human resources, with a plan to add 300 employees over the next two years.
“Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy,” said Greenlight Co-founder and CEO Tim Sheehan. “Today’s financing will enable us to bring even more value to families as we continue to introduce new innovative products that shine a light on the world of money.”
Founded in 2014, Greenlight offers a money management platform for families that helps three million parents and kids gain skills to manage their earnings, savings, spending, giving, and learn to invest via a debit card, companion app, and educational resources.
Greenlight has struck a chord with its family-based finances approach. In the past year, the company has more than tripled its year-over-year revenue, more than doubled its users, and doubled its workforce. Earlier this year, Greenlight launched a new products, Greenlight Max, which helps kids research and invest in stocks with parental approval.
“The demand for Greenlight’s family finance solution continues to grow,” said Greenlight Co-founder and President Johnson Cook. “With the support of our investors, we look forward to empowering even more parents to raise financially-smart kids.”