Cook surveyed a large number of families to confirm this suspicion, and they were right. Parents also lacked useful resources to guide them in teaching financial literacy. These revelations pointed to a market gap, which Sheehan and Cook closed with Greenlight. LOOKING AT THE SCHOOLS Creating Greenlight led to the next big question: Are parents qualified to teach financial literacy to their children? Many parents assume their kids are learning about money in school. However, a 2010 national study on a teacher’s capacity to teach personal finance revealed that although 80% of states had guidelines for financial education, less than 20% of teachers felt competent to teach it. As of 2022, 47 states require K-12 students to take a course in personal finance to graduate, but parents still need to help their kids with financial literacy. UNDERSTANDING THE PRODUCT Greenlight is a debit card that allows parents to control and monitor how their children spend money. It comes with three plans: Greenlight Core ($4.99/month), Greenlight Max ($9.98/month), and Greenlight Infinity
($14.98/month). All have the basic features of providing debit cards for up to five kids, financial literacy games, and an allowance and chores feature. The Max and Infinity plans offer investing for kids, driving reports and crash detection, identity theft protection services, and much more. CHECKING OUT THE COMPETITION Even though many startup fintech companies offer debit cards to children and teenagers specifically, Greenlight’s product includes features that other companies don’t. Other payment apps like CashApp and Venmo offer peer-to-peer fund transfers — but without financial literacy training, young users are still vulnerable to making financial mistakes. Greenlight’s unique features clearly have an edge over its competitors. GREENLIGHT GETS THE GREENLIGHT The future of Greenlight looks exceptionally bright. It has grown to 3 million users and $100 million in revenue, and there are plans for expansion. Because the founders recognized a financial literacy need in family dynamics and acted to fill the gap, Greenlight is bringing financial literacy to the masses.
It may seem like today's kids have it all: cellphones, video games, and now debit cards. But do they understand how money really works in the real world? Founders Tim Sheehan (CEO) and Johnson Cook (president and CEO) started Greenlight in 2014 to empower children, teenagers, and their parents with strong financial literacy. Sheehan understands how valuable it is because his father taught him the good financial habits that shaped the trajectory of his own career. THE FOUNDATIONAL JOURNEY: TAPPING INTO AN UNTAPPED MARKET Sheehan was lucky his father took the time to teach him about money but realized most parents don’t have the time or an adequate knowledge base. So, Sheehan and FOUNDING STORY OF TIM SHEEHAN AND JOHNSON COOK Greenlight: Spreading Financial Literacy Worldwide
SUDOKU
Creamy Tortellini Vegetable Soup Inspired by EatingWell.com
Ingredients • 2 tbsp extra virgin olive oil • 1 cup peeled and chopped carrots • 1 cup chopped yellow onion • 1 tbsp finely chopped garlic • 3 cups reduced-sodium vegetable broth • 1 (15-oz) can (no salt added) diced tomatoes with basil, garlic, and oregano
• 2 tbsp fresh basil, chopped • 1/2 tsp ground pepper • 1/4 tsp plus 1/8 tsp salt • 1 (9-oz) package refrigerated cheese tortellini • 1 (5-oz) package baby spinach • 1 cup heavy cream
Directions
1. In a large Dutch oven, heat olive oil over medium-high heat. Add carrots and onions and cook for about 5 minutes or until onions are softened. Add garlic and cook for 1 minute or until fragrant. 2. Add broth, tomatoes, fresh basil, pepper, and salt. Bring to a boil, stirring occasionally. Reduce heat to medium, cover, and let simmer for about 5 minutes or until carrots are slightly tender. 3. Stir in tortellini. Cook until pasta is tender. Reduce heat to medium-low. 4. Add baby spinach and cream. Cook until spinach is wilted. Serve and garnish with additional basil if desired.
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