June 14, 2024
U.S. Bank partners with Greenlight Financial Technology


U.S. Bank has partnered with Greenlight Financial Technology, a family fintech company that aims to help parents raise financially literate children.

 

U.S. Bank clients with eligible accounts will receive complimentary access to Greenlight’s debit card and money app, which is designed to help children and teenagers develop financial skills. This partnership marks the first time Greenlight’s services are available through an embedded mobile app experience, using Greenlight’s software development kit. 

According to U.S. Bank, Greenlight is currently used by over 6 million parents and children to facilitate money management education. The platform allows children to learn about earning, saving, and spending money under parental supervision. 

U.S. Bank officials stated that this partnership aligns with the bank’s goal of enhancing financial education for its clients and their families. The Greenlight service aims to provide practical financial tools and promote positive money habits among young users. 

Parents using Greenlight can manage family finances by sending money, automating allowance payments, setting spending controls, and receiving real-time transaction notifications. Children and teenagers gain hands-on financial experience and can participate in educational activities through Greenlight Level Up, which is an in-app financial literacy game. According to Greenlight officials, this collaboration will expand Greenlight’s reach, helping more young people build healthy financial habits. 

This initiative is part of the Bank Smartly programme, which was introduced in 2022 to streamline the checking account and rewards experience. Clients with a Bank Smartly Checking account can also join the Smart Rewards programme for additional benefits.

 

 

Other similar developments from Greenlight 

Greenlight Financial Technology provides a banking app and debit card for children and teenagers, aiming to foster financial literacy. The app allows parents to automate allowance, manage chores, and set spending controls, while children learn to manage money responsibly. Greenlight partners with multiple banks and financial institutions to offer its services. 

In September 2023, Apiture, a digital banking solutions provider, introduced family banking through a partnership with Greenlight. By leveraging the Greenlight for Banks programme, Greenlight’s family finance app became available with Apiture’s Consumer Banking solution. This helped provide banks and credit unions with a full suite of family banking tools to help improve financial literacy for the next generation. 

According to Greenlight, 93% of parents say it is important for financial institutions to provide financial literacy education for their children. However, only 16% of them say that their current institution provides such services.



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