Greenlight Financial Technology Inc. raised a $260 million Series D round, according to a company announcement.
The funding brings the fintech startup’s valuation to $2.3 billion, padding its unicorn status, which Greenlight reached in September of last year.
Silicon Valley-based Andreessen Horowitz led the round, with participation from existing investors Atlanta-based TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC and Goodwater Capital. Wellington Management, Owl Ventures and LionTree Partners joined as new investors.
Greenlight provides debt cards for children and a family-oriented money management platform so parents can help their kids become financially literate. The startup’s success brings attention to the strength of the Atlanta tech ecosystem, specifically within the fintech industry, which could attract more capital into the city as investors look toward emerging tech hubs for innovation.
With the funding, the startup is looking to hire 300 new people in the next two years, which would bring their team to more than 575. The hiring will focus on engineers in the Atlanta area, a spokesperson said.
Greenlight also plans to expand its geographical reach and roll out new products to add to its suite of financial services, according to the announcement.
Greenlight claims to have seen unprecedented growth in the past year — tripling its year-over-year revenue, doubling the number of users and doubling its team.
Greenlight is Atlanta Business Chronicle's fastest-growing company in the Pacesetter Awards finance/financial services category, and the sixth overall Pacesetter Award winner.
Greenlight CEO Tim Sheehan told the Atlanta Business Chronicle that the Covid-19 pandemic made parents realize the importance of teaching their children financial literacy.
“They’re looking around and they see a lot of families who’ve been affected economically by the pandemic, and that kind of reinforces the message that it’s important to have savings accounts and to have that available to you in case something unexpected happens in life,” Sheehan said in September.
The Greenlight platform features a parent-managed debit card for kids and a companion app. The app, which costs $4.99 a month per family, allows parents to automate allowance, manage chores, set flexible spend controls and enable their kids to become investors.
In January, Greenlight released Greenlight Max, an educational investment platform for children that allows them to make real investments with parental approval.
The startup, named a 2020 Inno on Fire honoree, has more than $550 million in funding and 3 million parents and kids using the platform. It came out of the ATDC, a Georgia Tech incubator.
