10 Questions With Nate Taylor Of Greenlight Financial Technology

Greenlight Financial Technology is a financial technology start-up built by parents and made for kids. The company is focused on teaching financial literacy in an era that's increasingly dominated by cards and virtual transactions. Their goal is to help create financially confident, savvy young people by empowering them to learn about money with their parents.

So how do they do this? Nate Taylor, partnerships manager at Greenlight Financial Technology, tells Patch about the Greenlight Card, a smart debit card for kids that parents can manage from their phones using the Greenlight Financial Technology app. Learn more about the growth of Greenlight Financial Technology in Brooklyn and how you can get started in teaching your kids the importance of smart spending.

Patch: How long have you been doing business in town or how long has the organization you represent been around in the community?

Taylor: While Greenlight is an Atlanta-based startup, we’ve noticed some awesome growth in Brooklyn – and it makes sense as Brooklyn is one of the few places in the US where people don’t need cars. As a result, parents can give their kids a greater sense of independence at an earlier age. Thus, there is a real need to provide kids with a solution that’s safer than cash, without giving kids full access to their parent’s debit or credit cards. Greenlight offers kids the independence they crave while still giving parents the oversight they want.

Patch: What attracted you to the line of work you’re in, and how did you get started?

Taylor: I joined Greenlight because I truly believe in the product: as a Brooklyn-born-and-raised kid, I would have benefited dramatically from a product like Greenlight, had it been available when I was a pre-teen and teen. Instead, I had to learn the hard way – making some questionable financial choices when I was first on my own, without my parents around to guide me.

Patch: If you had to sum up your business mission to a stranger in five words, what would those words be?

Taylor: Increase financial literacy across the US.

Patch: What’s the biggest challenge or most difficult moment you’ve faced in your job?

Taylor: One of the biggest challenges we face is getting skeptical parents to give Greenlight a try. There is reasonable pushback about whether it’s the right thing to introduce plastic to kids at a young age, and we hear that feedback and respect it. That said, the world is increasingly becoming a cash-less place, and we want to help kids learn how to responsibly use debit cards while still under close parental supervision. And we’ve added a number of security measures to help. For example, if your child should misplace their card, either you or your child can turn it off with a click in the Greenlight app. Try that with a $20 bill! Additionally, Greenlight accounts are FDIC insured, cannot be used to withdraw cash at an ATM or even get cash back from a purchase, and the cards come with a unique PIN.

Patch: What’s the most satisfying part of your job?

Taylor: The most satisfying part of my job is to hearing feedback from real customers who’ve been using Greenlight: learning that Greenlight’s SMS notifications about spending activity provide opportunities for parents to talk to their kids about smart spending; hearing that Greenlight allows kids to better understand their own spending habits; knowing that Greenlight provides both convenience and peace of mind to thousands of families across the US.

Patch: How would you say your business or organization distinguishes itself from the others?

Taylor: Greenlight’s main point of differentiation is our store-level controls. Sure, there are other debit cards that are made for kids, but as far as I know, we are the only product that allows parents to give their kids money that can only be spent at one specific store. It’s an incredibly convenient way to ensure that kids are spending responsibly and as their parents intended.

Patch: Are there any new projects or endeavors you’re working on that you’re extra excited about?

Patch: We have a few exciting projects on the horizon related to education. We want to provide convenience and peace of mind to our customers, but we also want to find exciting ways to bring educational experiences to the children who use Greenlight. We believe that personal finance is something that should be discussed at length at home and at school, and right now, it just isn’t. We hope to bridge that gap with exciting educational experiences that we’re going to build right into the Greenlight app.

Patch: Do you have any events coming up in your community?

Taylor: We’ve got some exciting local partnerships in the hopper – and we’re eager to figure out ways that our growth can benefit local businesses in Brooklyn. If you’re a local business and want to learn how to partner, please feel free to give us a shout!

Patch: How can Patch readers learn more about your work and business?

Taylor: Patch readers can learn more about Greenlight Financial Technology on our website or our Facebook page.

This Patch article is sponsored by Greenlight Financial Technology.

Image Credit: Greenlight Financial Technology