US Bank taps Greenlight for family-focused money management tools
US Bank has partnered with US-based family banking app Greenlight to help “families to instil positive financial habits in their kids”.
US Bank taps Greenlight to enhance financial literacy tools
Under the terms of the agreement, US Bank customers with Bank Smartly and other eligible checking accounts will be able to gain access to Greenlight’s money app and debit card via the bank’s mobile app.
This initiative, utilising Greenlight’s new software development kit, positions US Bank as the first financial institution to offer Greenlight directly through an embedded mobile app experience.
Tim Welsh, vice chairman of consumer and business banking at US Bank, claims the new partnership “revolutionises how our clients can teach their kids about money, by providing trusted and proven financial tools that create positive money habits”.
Founded in 2014 and headquartered in Atlanta, Georgia, Greenlight provides a family-focused money management solution which it claims automates allowance payments, sets flexible spending controls, and provides instant notifications of transactions.
Serving over 6 million customers, the fintech also provides an in-app financial literacy game, Greenlight Level Up, designed to help users put “money skills into practice, learning to earn, save and spend wisely”.
Speaking on the collaboration, Tim Sheehan, CEO and co-founder at Greenlight, says: “Partnering with US Bank allows us to bring Greenlight to millions of new families, preparing the next generation with the financial knowledge, skills and confidence they need.”
Last year, the fintech introduced a credit builder for teenagers using the Greenlight Family Cash Card, which offers up to 3% cashback. Parents can add their teenagers as authorised users to help them build and manage credit before turning 18.
