- Greenlight Financial Technology unveiled its Greenlight Family Cash Mastercard this week.
- The Greenlight Family Cash Mastercard helps teens build credit before they reach adulthood.
- Headquartered in Atlanta, Georgia, Greenlight has raised more than $550 million in funding. The company has a valuation of $2.3 billion.
Greenlight Financial Technology launched its Greenlight Family Cash Mastercard this week. The new card fosters financial literacy by helping teens build their credit before they reach adulthood.
Available with all of Greenlight’s subscription plans, the Greenlight Family Cash Card enables families to earn up to 3% cash back on all purchases. Parents can add their teen children as authorized users on the card, and teens can track their credit card balances using the Greenlight app. At the same time parents can establish spending limits and receive real-time purchase alerts to help them monitor card activity. The addition of the Greenlight Family Cash Card means that Greenlight’s in-app financial literacy game, Level Up, now features instruction on the responsible use of credit, as well.
Greenlight subscription plans start at $4.99 a month. Other plans are available that add features such as identity theft, purchase, and phone protection (Greenlight Max for $10 a month), as well as family location sharing and crash detection (Greenlight Infinity for $15 a month). The Greenlight Family Cash Card is issued by First National Bank of Omaha.
In an interview with TechCrunch, Greenlight co-founder and CEO Tim Sheehan highlighted the company’s 3% cashback, Level Up financial literacy game, and parental controls as a trifecta that trumps offerings from other credit cards – including those that cater to families and youth. “Nobody has all three of these features,” Sheehan said.
Headquartered in Atlanta, Georgia, Greenlight was founded in 2014. The company has raised $550 million in funding, which includes a $260 million Series D round in 2021. This investment gave the fintech a valuation of $2.3 billion. The following year, Greenlight unveiled its Greenlight for Classroooms offering, a web-based financial literacy library. The library includes more than 100 animated videos, and a bank of thousands of vocabulary words and test questions. Additional features include quizzes, ideas for individual projects, discussion activities, and a teacher’s guide. Aligned with K-12 national standards, Greenlight for Classroom is available to schools, teachers, and students across the U.S. for free.