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Greenlight, a three-year-old, Atlanta, Ga.-based startup, is trying to solve a problem that any parent of an elementary or junior high school student can well understand: how to give kids money without worrying that they’ll lose it or spend it on something they shouldn’t. Master Card, Visa and American Express each offer parent-friendly debit cards, among other outfits.
And notifications are customizable for both parents and their kids.
You can receive notifications for when purchases are made, transactions are declined, the child makes a new request, low balances, funds transfers, for when the card is turned on or off, and messages received.
We found that the ability to choose the specific stores where their kids can shop really resonated with parents. JC: Parents can automate allowances very easily in the app.
We’re also rolling out a Greenlight Savings account and Greenlight Giving, which will give parents and their kids a full view of their finances across spending, savings and giving.
In classic IWT-style, we’re going to cut through the BS with these cash saving systems.TC: You charge .99 per family per month for up to five kids.How did you settle on that particular price point, and why do a monthly fee versus take some percentage from each transaction?Any software that we provide you may automatically download and install upgrades, updates, or other new features.
You may be able to adjust these automatic downloads through your device's settings.
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