Greenlight Financial Technology, a US-based fintech firm that delivers debit cards for kids, has raised $54m in a Series B funding round.

The round was led by Drive Capital, who was joined by banking groups JPMorgan Chase and Wells Fargo. Existing backers TTV Capital, Live Oak Bank and Relay Ventures also joined the round.

Greenlight plans to utilise the investment to fund its growth and support plans to familiarise kids with wealth-building tools.

Last year, the company raised $16m in a Series A funding round that was led by TTV Capital.

Greenlight CEO and co-founder Tim Sheehan said: “We’re thrilled to partner with our Series B investors to bring Greenlight to millions of new families and help parents prepare their children for healthy financial futures.

“In the near future, I hope that this generation of kids grow up to spend wisely, learn the importance of saving and feel confident investing to build wealth over the long-term.”

Established in 2014, Greenlight focuses on guiding kids to develop financial literacy.

Its portfolio includes the Greenlight debit card for kids, issued by Community Federal Savings Bank.

Guardians can manage the card through the Greenlight app using parental controls. They can select stores from where kids can shop, manage allowances and set interest rates on savings. On the other hand, kids can track the balances and create own saving goals.

Drive Capital partner Chris Olsen said: “Greenlight has built an incredible platform that makes it convenient and safe for parents and kids to manage their money.”