Atlanta-based start-up Greenlight has raised $54m in a series B funding round led by Drive Capital for its children's debit card, designed to teach financial literacy. The firm offers children as young as 13 a preloaded Mastercard from Community Federal Savings Bank and a companion smartphone app, which allows users to track spending and set savings goals. The aim is to teach kids about spending and financial independence. An Ameriprise Financial survey found over 50% of retirement-age parents have provided financial support to adult children, while 93% have allowed their adult children to move back home rent-free.
Atlanta-based start-up Greenlight has raised $54m in a series B funding round led by Drive Capital for its children's debit card, designed to teach financial literacy. The firm offers children as young as 13 a preloaded Mastercard from Community Federal Savings Bank and a companion smartphone app, which allows users to track spending and set savings goals. The aim is to teach kids about spending and financial independence. An Ameriprise Financial survey found 93% of retirement-age parents have provided financial support to adult children, while over 50% have allowed their adult children to move back home rent-free.