Greenlight Financial Technology, a fintech focused on kids, has received $260m in a Series D funding round led by Andreessen Horowitz.
The funding almost doubles the company’s valuation in six months from $1.2bn to $2.3bn.
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Return investors TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital also participated.
They were joined by new backers Wellington Management, Owl Ventures and LionTree Partners.
The new round takes the total capital raised by Greenlight until now to over $550m.
The Atlanta-based fintech firm will use the money to speed up its product development and add more financial services to its platform.
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By GlobalDataIt will also utilise the capital in strategic distribution partnerships and geographic expansion, as well as to make hires.
Plans are on to make 300 hires over the next two years, with a focus on engineering.
Andreessen Horowitz general partner David George will now join the Greenlight board.
George stated: “Greenlight has quickly emerged as the leader of the family finance category.
“Greenlight was built to help parents raise financially-smart kids, and with its breakthrough combination of easy-to-use money management tools and educational resources, the company is well-positioned to become one of the most loved and trusted brands for families around the world.”
Greenlight co-founder and CEO Tim Sheehan said: “Our vision at Greenlight is to create a world where every child grows up to be financially healthy and happy.
“Today’s financing will enable us to bring even more value to families as we continue to introduce new innovative products that shine a light on the world of money.”
Greenlight offers a debit card, companion app and educational resources to teach financial skills to young people. The firm caters to 3 million parents and kids.
It offers an educational investing platform for kids called Greenlight Max. The platform enables kids to research stocks and make real investments with parental nod, supported by expert analysis powered by Morningstar.
