Detroit’s Ally Ventures, the strategic investment arm of Ally Financial Inc., today announced it has made an investment in Greenlight Financial Technology Inc., an Atlanta-based company that offers a debit card for children, teens, and college students.
The investment aligns with Ally Ventures’ goal of promoting innovation through alliances with young companies that are developing new financial services technologies.
“Ally Ventures is a key part of Ally’s broader innovation strategy,” says Dinesh Chopra, chief strategy officer at Ally Financial. “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.”
Greenlight provides debit cards with parental controls set through an app. Parents can control how their children spend money and choose which stores they can use the cards at.
“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,” says Tim Sheehan, CEO and co-founder of Greenlight.
Ally Ventures was established in 2017 and focuses on supporting Ally Financial Inc.’s growth as a digital financial services company. Ally Financial Inc. offers its consumer, commercial, and corporate customers an online bank, mortgage-lending services, and other services.