Greenlight Financial Technology

wealthtech-retailpersonal finance management

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 08/09/2020

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About

Greenlight is a mobile based platform that allows parents to manage, track and control spends of their kids.Using Greenlight app, a child can request to spend money at a specific store or spend anywhere. Greenlight cards are updated in real-time when parent approves a request or sends money.

MEDICI Analysis

Greenlight is a mobile based platform that allows parents to manage, track and control spends of their kids.Using Greenlight app, a child can request to spend money at a specific store or spend anywhere. Greenlight cards are updated in real-time when parent approves a request or sends money.

Focus

PRODUCTS & SERVICES

Mobile app to control child allowances. It is easy to manage the multiple kids’ spending from one simple app.

REVENUE MODEL

Greenlight is free for 30 days and then just $4.99/mo for an entire family up to 5 kids.

MAIN CLIENTS

Retail consumers

PRIMARY PROBLEM SOLVED

Greenlight makes it easy for parents to give money to their kids in a safe way even when they aren't around or don't have cash on hand.

company provided insights

Traction

REVENUE

$1.0M - $4.99M

NUMBER OF TRANSACTIONS:

1 M

TRANSACTIONS VALUE:

10 M

ACTIVE USERS:

15000

People

FOUNDERS

Timothy Sheehan

BOARD MEMBERS AND ADVISORS

Wes Herman

Tim Sheehan

Alex Baker

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Ally Financial

Amazon Alexa Fund

Canapi

JP Morgan Chase

nbkc bank

New Enterprise Associates

Relay Ventures

Service Provider Capital

SunTrust Bank

TTV Capital

Wells Fargo

KEY EMPLOYEES:

Nancy Cox(CTO); Timothy Sheehan(CEO); Johnson Cook(COO); John Hagelgans(CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$120.6 M

DATE OF LAST FUNDING

Sep 2019

TOTAL FUNDING COMMENT

The company is planning use the funds to invest in new talent and continue introducing innovative financial solutions(Feb 2018).

SEED & PRIOR FUNDING

$7.5 M

SEED CLOSED ON

Jun 2017

FUNDING SERIES

SERIES A  · $20 M  · Feb 2018

SERIES B  · $54 M  · Sep 2019

OTHERS  · $39.1 M · Aug 2019

LISTED

NO

Innovation Programs

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Greenlight

About

Greenlight is a mobile based platform that allows parents to manage, track and control spends of their kids.Using Greenlight app, a child can request to spend money at a specific store or spend anywhere. Greenlight cards are updated in real-time when parent approves a request or sends money.

Focus

PRODUCTS & SERVICES

Greenlight is the smart debit card for kids that parents manage from their phones with flexible parental controls. It's the world's first debit card that lets parents pick the exact stores where their children can spend. Parents can instantly send money to their kids even if they're not with them, set up automatic allowances, receive real-time spending alerts, and more.

REVENUE MODEL

Greenlight is free for 30 days and then just $4.99/mo for an entire family up to 5 kids.

TOP PROBLEM SOLVED

Greenlight makes it easy for parents to give money to their kids in a safe way even when they aren't around or don't have cash on hand.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

KEY DIFFERENTIATORS

The Greenlight card is the smart debit card for kids that is safer than cash. It enables parents to manage their kid’s spending from their smartphone. For example, a parent can pick the exact stores where their kids can spend, freeze the card if lost or stolen, receive instant spending alerts and automate allowances. Greenlight is ideal for savvy parents of kids aged 8 to 18 who want to empower them to make smart decisions with money while keeping them safe and protected.   1. Store-level controls: Greenlight is the ONLY debit card in the world that offers this unique capability. Through the mobile app, parents can choose the specific stores or categories where their kids can spend money. 2. Instantly transfer money: Money can be instantly transferred from the parent’s bank account onto their kids' Greenlight Cards through the mobile app. This helps parents provide their kids money immediately when they are not in the same location and makes allowance days much easier by eliminating the need to search for cash. 3. Real-time alerts: Greenlight sends parents a real-time notification every time their son or daughter uses the card, letting them know where they are shopping and how much they spent. Kids also receive the alerts.

PRIMARY CUSTOMER TYPE

Consumer

PRODUCT ATTRIBUTES

SaaS

STRATEGIC CLIENTS AND PARTNERSHIP

Community Federal Savings Bank : Issuer of the Greenlight Card

Traction

ANNUAL REVENUE:

$1.0M - $4.99M

NUMBER OF TRANSACTIONS:

1 M

TRANSACTIONS VALUE:

10 M

ACTIVE USERS/ACCOUNTS:

15000 Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Direct marketing and partnerships

CHANNEL STATUS

CHANNEL SECURE

People

NUMBER OF EMPLOYEES

11-50

Momentum

FUNDED

YES

LISTED

NO

FUNDING SERIES
Seed
Jun 2017
USD7.5 M
at a USD20 Mvaluation
Comment on Seed
http://www.prnewswire.com/news-releases/greenlight-hits-10000-customers-in-its-first-5-months-and-raises-75-million-to-accelerate-growth-300467658.html Relay Ventures NEA Social Capital TTV Capital