Greenlight Financial Technology, which provides smart debit card for kids and college students, has raised $215m in Series A round led by Canapi Ventures and TTV Capital.

The round, which brought the firm’s valuation to over $1.2bn, was joined by new investors BOND, DST Global, Goodwater Capital and Fin VC.

Greenlight’s first institutional investor Relay Ventures also participated in the financing.

The new investment will enable Greenlight to bolster its reach through a ‘reimagined’ app and new investment tools tailored for kids.

Greenlight, which rolled out its debit card for kids in 2017, currently serves over two million parents and kids.

The company claims that kids have collectively saved over $50m so far with it.

Greenlight president and co-founderJohnson Cook said: “We’re honoured to partner with both new and existing investors for our Series C round to continue inspiring future generations to be financially happy and healthy.

Greenlight CEO and co-founder Tim Sheehan added: “Our vision is to help all families worldwide to be smart about personal finance, providing innovative ways for kids to learn, so that every child can reach their full potential. We look forward to continuing to grow with our families.”

Parent-managed debit card for kids, together with its companion apps, is designed by the company to provide parents with the ability to pay allowance, manage chores and set flexible, store-level spend controls.

TTV Capital founding partner Gardiner Garrard said: “Greenlight’s rapid growth is a testament to the value they bring to millions of parents and kids every day. My wife and I trust Greenlight to give us the modern tools to teach our children how to manage money.”

In 2018, Greenlightraised $16m in Series A financing to deliver safe, simple, and family-friendly financial products worldwide.

Last year, the company raised $54m to fund its growth and support plans to familiarise kids with wealth-building tools.