Greenlight Financial Technology, creator of smart debit card for kids and college students, has raised $16m in Series A financing led by TTV Capital.

The funding round was also joined by existing investors, New Enterprise Associates (NEA) and Relay Ventures, and new investors SunTrust Bank, Ally Financial, nbkc bank, Canapi, and the Amazon Alexa Fund.

Greenlight said it will use funds to deliver safe, simple, and family-friendly financial products globally. Additionally, the company intends to invest in new talent to match consumer demand and continue introducing new financial platform.

Greenlight CEO and co-founder Tim Sheehan said: “Continued investor support and confidence in Greenlight’s offering and increasing momentum among consumers and financial service providers nationally have the company well-positioned to continue its strong consumer adoption.

TTV Capital partner Tom Smith said: “Greenlight’s impressive growth is attracting partners who value its family-friendly approach, just as we do. This unique solution for financial institutions is going to change the way parents teach the next generation about managing finances and will help to increase the overall financial literacy of consumers.”

SunTrust head of consumer solutions Ellen Koebler said: “We are partnering with Greenlight because the company shares our commitment to providing financial education, as seen through this innovative solution for parents to instill smart saving and spending habits with their kids.”

Greenlight clubs a ‘smart’ debit card with an app to enable kids improve their financial literacy and give parents controls on spending. The service, which offers cards for up to five children, costs $4.99 a month per family after a 30 day free trial.