Nancy Cox, a former Fiserv executive, is the new chief technology officer at Greenlight Financial Technology, an Atlanta-based startup that allows parents to control their kids’ debit card spending.
Cox succeeds John Hagelgans, who will remain with Greenlight in a different role. Cox previously served in senior positions at Fiserv and at the payment processing firm Worldpay.
“I joined Greenlight because I believe in the vision they have for transforming personal finance for kids and their parents,” Cox said in a press release. “Greenlight is helping parents raise financial smart kids with a unique solution that is safe, secure and useful.”
Greenlight CEO Tim Sheehan said in an interview that Cox was hired because she knows how to scale up the operations of a small company to become a much bigger company. "And that's what we are hoping to become," he said.
Greenlight launched its debit card in January and announced the completion of a $7.5 million seed funding round earlier this month. Since the product launched, more than 10,000 parents have opened at least one card for kids ages 8 to 18, according to the company. Greenlight charges a monthly fee of $4.99 per family.
The Mastercard-branded debit card comes with mobile phone-based parental controls that can restrict spending to specific stores. “We are the only company in the world that is able to do the store-level control,” Sheehan said.
Greenlight’s competitors include Current, a London-based startup that enables the creation of separate wallets that allow kids to save and make charitable donations. Current raised $3.6 million in a seed funding round in March.
Greenlight also announced Thursday that its cards now work internationally, and that they can be integrated with Apple Pay. The firm is working on an Android integration.