Ally Ventures, the strategic investment arm of online brokerage and banking company Ally Financial Inc (NYSE:ALLY), has announced that it has made an investment in Greenlight Financial Technology, Inc., creator of smart debit cards for kids, teens, and college students.
The company stated that the investment supports Ally Ventures’ goal of promoting innovation through key alliances with young companies that are developing new financial services technologies. It also aligns with Ally’s broader corporate focus on financial well-being, and empowering consumers with smart digital financial products, along with knowledge, tools and resources to help them better manage their money.
Dinesh Chopra, chief strategy officer at Ally Financial said:
Ally Ventures is a key part of Ally’s broader innovation strategy. As we look to differentiate our products and services in the marketplace and build unique and engaging digital customer experiences, it’s essential that we stay on the forefront of emerging technology.
“Through Ally Ventures and our accelerator relationships, we have forged meaningful alliances with several companies, like Greenlight, that are developing innovative technologies that are shaping the future of financial services,” said Peter Greene, head of Ally Ventures. “We will continue to proactively seek opportunities that advance Ally’s strategic objectives.”
Greenlight provides a financial platform aimed at helping parents raise financially savvy kids. The company offers a mobile app and smart debit cards with parental controls, so that kids can learn to make good financial choices. Using the Greenlight platform, parents can flexibly control how their child spends money, by choosing the exact stores to allow spending. The platform offers a more secure alternative to carrying cash, and can instantly shut off via the mobile app if needed, providing peace of mind for parents and children.
Greenlight’s offerings support Ally’s broader purpose of helping customers to achieve financial well-being through a powerful combination of smart digital financial products and services, and education, tools and resources that build financial knowledge. Ally promotes financial education through its WalletWise program, which provides in-person and online courses, along with practical tips and tools to help consumers understand financial concepts like budgeting, credit and investing. The company also published a free digital children’s book called Planet Zee and the Money Tree to help teach financial concepts to kids.
“We’re thrilled that support from Ally Ventures will help us bring Greenlight to millions of additional families and help parents prepare their children for financially successful futures,” said Tim Sheehan, CEO and Co-Founder of Greenlight.