The funding comes just months after the US-based startup landed USD 215 million in funding at a USD 1.2 billion valuation. Andreessen Horowitz led its Series D, which also included participation from returning backers TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, and Goodwater Capital, as well as new investors Wellington Management, Owl Ventures, and LionTree Partners.
The company pitches itself as more than just a debit card, with apps that give parents the ability to deposit money in accounts and pay for allowance, manage chores, and set controls on how much kids can spend. In January, Greenlight introduced its educational investing platform for kids — Greenlight Max. Through that platform, kids can research stocks with analysis from Morningstar and make real investments in companies like Apple, Tesla, Microsoft, and Amazon, as long as their parents approve.
Greenlight says it will use the new capital to accelerate product development to add more financial services to its platform as well as to invest further in strategic distribution partnerships and geographic expansion. It currently has 275 employees and has plans to hire another 300 employees over the next two years, with an emphasis on engineers.
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