FinTech: Greenlight Financial Raises $260M At $2.3B Valuation
The company’s valuation has nearly doubled in just six months.
Greenlight announced today its close of $260 million in Series D funding led by Andreessen Horowitz. Existing investors 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 also participated. (CISION PR Newswire)
Greenlight is committed to improving the financial lives of families and help them raise financially smart kids. It provides minor members of families with a debit card, a companion app, and educational resources that teach them crucial financial skills.
Greenlight’s growth trajectory
The startup has, over the past year, more than tripled year-on-year revenue, more than doubled the number of parents and kids on its platform and doubled the size of its team. It earns its revenue by charging subscription fees.
It has enabled thousands of kids to make investments in stocks such as AAPL, AMZN, MSFT, and TSLA through Greenlight Max, the first educational investing platform for kids.
“Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy,” said Tim Sheehan, co-founder and CEO. “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.”
“Greenlight has quickly emerged as the leader of the family finance category,” said Andreessen Horowitz general partner David George, who will join Greenlight’s board of directors. “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 one of the most loved and trusted brands for families around the world.”
Use of funds
Greenlight will use the new funds to add more services and features to its money management platform. It will also invest further in strategic distribution partnerships and geographic expansion.
It also plans to bring on board 300 new employees over the next two years.
Latest Alternative Investment News
Though initial reports said that Colonial Pipeline would not pay a ransom to the hackers that brought the nation’s largest fuel pipeline to a halt, Bloomberg reported Thursday that the…
Artificial Intelligence: A Molecule For Alzheimer’s Created By Exscientia’s AI Enters Clinical Trials
Oxford, UK-based Exscientia uses AI to design and create drug candidate molecules satisfying complex therapeutic requirements with revolutionary efficiency. Joint research by Exscientia with Sumitomo Dainippon Pharma Co., Ltd. (TYO:…
Vinted, a European startup that runs a marketplace for used clothing and home goods, announced its raise of $303 million at a valuation of $4.5 billion, post-money. That valuation is…
On Wednesday, Germany’s Federal Financial Supervisory Authority (BaFin) ordered challenger bank N26 to implement appropriate internal controls and safeguards and comply with general due diligence requirements to prevent money laundering…