November 30, 2023

Brad Marolf

Business & Finance Wonders

Children’s Finance App Greenlight Names CFO As It Prepares for IPO

Greenlight Money Technology Inc., the maker of an application that can help youngsters price range, conserve and invest, appointed its first everlasting finance main as it prepares to go public in the next 12 to 18 months.

The Atlanta-based mostly corporation, which generates profits mostly by providing every month subscriptions to households that use its expert services, mentioned

Brian Dong

took on the chief money officer function very last thirty day period. Mr. Dong most a short while ago served as a managing director in Goldman Sachs Group Inc.’s investment decision banking division.

Brian Dong, Greenlight’s new finance main.


Gina G Pictures

Greenlight’s app, which can be linked to a debit card, lets mother and father pay their small children for accomplishing chores and set shelling out controls, among the other providers. Kids can use it to buy and sell shares with parental approval.

The corporation, founded in 2014, has elevated extra than $550 million in enterprise-cash funding, together with $260 million from a Series D spherical in April led by enterprise-money firm Andreessen Horowitz. Greenlight explained it has far more than 4.5 million paying out consumers in the U.S.

Greenlight reported it recorded far more than $100 million in annualized recurring profits during the initial nine months of 2021. The firm declined to offer other earnings figures.

The company’s funds were earlier managed by Controller Ashley Bachar and, often, fractional CFOs, Main Government Tim Sheehan said. Greenlight made a decision to deliver on a permanent CFO to assistance it put together for its IPO and devise a corporate tactic to increase its enterprise, Mr. Sheehan stated.

Listing on the general public markets will supply the company with increased entry to capital, alongside other rewards this sort of as constructing associations with buyers, Mr. Dong stated. The corporation expects to pursue a regular IPO or a immediate listing as opposed to going general public as a result of a merger with a exclusive-reason acquisition business, he reported.

Mr. Dong stated he would concentrate on allocating capital to support the business’ advancement, potentially by way of additional investments in marketing, acquisitions and building out products and solutions.

“One of the points that I provide to the table is I’ve noticed what it can take for corporations to make that action up to the future degree of growth,” Mr. Dong said, referring to his investment-banking experience. Mr. Dong explained he has advised know-how organizations on public offerings, financing and acquisitions, with clientele ranging from large-cap firms to early-phase startups. For case in point, he labored on the IPOs of

Tesla Inc.

in 2010 and

Twitter Inc.

in 2013. Much more recently, he assisted deliver cryptocurrency trade

Coinbase International Inc.

to the public markets by using a immediate listing in April.

Greenlight’s app


Greenlight Financial Engineering Inc.

Greenlight will probable put money into new products and solutions, said David George, a normal partner at Andreessen Horowitz. “The greatest investment decision that they can go on to make is on the product or service side,” he claimed.

A spokeswoman for Andreessen Horowitz declined to say how considerably the enterprise-money organization contributed to Greenlight’s most new fundraising spherical, which marked its initially financial commitment in the company.

Greenlight also mentioned it named Will Yu main functioning officer and Sameera Rao chief technological innovation officer. Mr. Yu, who joined Greenlight in October, most not long ago led finance and functions for RealCadre LLC, a genuine-estate finance company that does business enterprise as Cadre. Mr. Rao, who is established to start out his new job Dec. 16, most not long ago served as head of technological know-how at electronic-payments company

PayPal Holdings Inc.

Generate to Mark Maurer at [email protected]

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