Greenlight Financial Technology has had a tremendous amount of growth recently, and the company is now valued at over a billion dollars. The Atlanta-based company is known for launching a debit card for kids in 2017. In today’s episode of the Atlanta Small Business Show, Greenlight’s CEO and Co-Founder Tim Sheehan joins Jim Fitzpatrick to give an update on the current state of the company.
Sheehan begins the conversation by explaining the vision behind Greenlight, and how the company is working to help parents raise financially smart kids. Greenlight provides parents with a platform to track allowances, chores, and kid-focused budgeting. Greenlight has developed a user-friendly app that helps kids track their spending and incentives to save their money.
“It’s a nice way to exaggerate the point to make the point,” said Sheehan. “If you can get them to form a habit, and you get them to form this healthy habit of saving, they will carry that with them into adulthood and it can really impact their future in a positive way.”
Sheehan admits that people are often not receptive to the idea of a kid having a debit card. However, after hearing about all the incentives to save, parents are excited about the opportunity to teach their children about making smart financial decisions.
Sheehan then explains how important the fintech’s recent move to raise $215 million in Series C has been for the company’s future plans. Greenlight plans to use the funding to help build brand awareness and also build the investing account feature of the app. This helps kids learn about investment opportunities and add value to the overall customer experience of Greenlight.
Sheehan concludes the conversation by sharing how Greenlight has fared during COVID-19. He says that the pandemic has been a reminder to parents and everyone to be prepared for unexpected expenses.
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