Greenlight Financial Technology, a debit card for kids and a mobile app that empowers parents raise financially-smart children, announced the close of a US$ 260 million Series D funding round.

This brings Greenlight’s total funding to over $550 million and increases the company’s valuation from $1.2 billion to $2.3 billion in a six-month period.

The series was led by Andreessen Horowitz whose general partner David George will join Greenlight’s board of directors.

The fundraise was also participated by return investors TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, as well as new investors Wellington Management, Owl Ventures and LionTree Partners.

The new funding will be used to accelerate product development to add more financial services to Greenlight’s platform and to invest further in strategic distribution partnerships and geographic expansion to reach more families.

The capital will also be used to hire more talent with plans to add 300 new employees with a focus on engineering over the next two years.

Greenlight is a comprehensive, all-in-one money management platform purpose-built for families that offers a suite of financial services across earning, saving, spending, giving and investing. It includes a debit card, companion app and educational resources that teach young people critical financial skills.

The fintech said that it serves 3 million parents and kids, helping them learn healthy financial habits and collectively save more than $120 million to-date.

“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.”

said Tim Sheehan, Co-Founder and CEO of Greenlight.