Greenlight

Greenlight offers digital banking services mainly within the lines of debit cards and savings accounts via a mobile app. The company does not impose a minimum age, mainly targeting kids. The company offers its products under three categories: 1) Greenlight Core, 2) Greenlight Max, and 3) Greenlight Infinity priced at USD 4.99, USD 9.98, and USD 14.98 per month, respectively. All plans cover a maximum of five kids and include an educational app, financial management tools, parental controls, and savings rewards. However, Greenlight Infinity has additional benefits such as family location sharing, SOS alerts, crash detection, driving reports, and real-time trip alerts. The Greenlight debit card is issued by Community Federal Savings Bank, under the license of Mastercard. In addition, the company offers a credit score-building credit card called Greenlight Family Cash Mastercard, for which parents need to set spending limits and authorize.

Greenlight also launched a turnkey custom banking solution called Greenlight for Bank, which allows other financial institutions to integrate Greenlight’s financial app into their service offerings at no cost. This also allows its banking partners the option to retain Greenlight customer deposits at their institutions.

Key customers and partnerships

As of August 2023, Greenlight served over six million customers.

Fundings and financials

In April 2021, the company raised USD 260 million in Series D funding, led by Andreessen Horowitz, at a valuation of USD 2.3 billion. The funding is planned to be used to expand the company’s product offering, in addition to expanding its workforce.As of the same date, the company stated that its revenue witnessed threefold growth YoY, and total savings made by its customers via its platform totaled USD 120 million.