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Major Financial Organizations Invest in a Debit Card for Kids

[Monday, September 23rd, 2019]

Last week such major banks as JPMorgan Chase and Wells Fargo together with some other financial corporations were announced to support Greenlight Financial Technology with $54 million funding. Greenlight Financial Technology came in sight from a startup project making a debit card for kids, the Greenlight card, that now exists for 5 years. The Mastercard prepaid card is issued by Community Federal Savings Bank and is marketed as “the safest way to give kids money, approve their spending, and prepare them to become financially smart adults”.

The Greenlight card is designed for kids of age 13 and older. In addition to a physical card, the company has developed a mobile app for Android and iOS. The main catch is that both children and parents can use the app, but each of them has access to their own mode with a certain set of functions. Parents can deposit money to the card, set spending limits and monitor their child’s transaction activity from their smartphones with real-time alerts. What is more, it is possible to establish chores for completion of which kids will earn extra money. Children, in turn, can earn, spend, save and donate the money their parents have made available to them.

The card offers a one-month free trial period and a $4.99 monthly fee after that. The account can include up to 5 kids simultaneously. Besides setting spending limits, there may be blocked categories determined. As for children, they will most of all enjoy the opportunity to give the card an individual look with any of their pictures. Even a selfie or a pet’s photo will do.

The main goal of the card and the app is to teach kids financial literacy and instill a responsible attitude towards money. Probably, this is the very idea that caught the attention of the investors. Greenlight intends to use the received funding to develop its product, including adding a feature that is to let young cardholders learn investing skills.

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