Greenlight Economic Technologies Inc., the maker of an app that allows young children price range, help you save and devote, appointed its 1st long lasting finance chief as it prepares to go community in the upcoming 12 to 18 months.
The Atlanta-based business, which generates profits mainly by providing every month subscriptions to households that use its providers, mentioned
took on the chief economical officer purpose final month. Mr. Dong most just lately served as a managing director in Goldman Sachs Group Inc.’s financial investment banking division.
Greenlight’s application, which can be joined to a debit card, allows mom and dad pay their youngsters for undertaking chores and set shelling out controls, between other solutions. Kids can use it to get and sell stocks with parental approval.
The enterprise, launched in 2014, has elevated more than $550 million in venture-money funding, such as $260 million from a Collection D round in April led by enterprise-cash company Andreessen Horowitz. Greenlight explained it has a lot more than 4.5 million paying out buyers in the U.S.
Greenlight stated it recorded far more than $100 million in annualized recurring profits in the course of the 1st nine months of 2021. The enterprise declined to provide other income figures.
The company’s finances were being previously managed by Controller Ashley Bachar and, occasionally, fractional CFOs, Chief Govt Tim Sheehan explained. Greenlight made the decision to carry on a long term CFO to assist it prepare for its IPO and devise a corporate strategy to extend its enterprise, Mr. Sheehan said.
Listing on the public markets will deliver the business with higher accessibility to funds, together with other rewards such as making interactions with buyers, Mr. Dong mentioned. The enterprise expects to go after a standard IPO or a direct listing as opposed to likely general public by way of a merger with a unique-reason acquisition enterprise, he said.
Mr. Dong stated he would concentrate on allocating money to support the business’ development, possibly by means of even more investments in advertising and marketing, acquisitions and constructing out products.
“One of the issues that I bring to the desk is I’ve found what it takes for businesses to make that stage up to the upcoming amount of progress,” Mr. Dong claimed, referring to his financial investment-banking working experience. Mr. Dong stated he has suggested engineering businesses on community choices, financing and acquisitions, with clientele ranging from substantial-cap enterprises to early-stage startups. For instance, he worked on the IPOs of
in 2010 and
in 2013. Much more recently, he assisted provide cryptocurrency exchange
Coinbase World wide Inc.
to the public markets through a immediate listing in April.
Greenlight will probable put dollars into new solutions, said David George, a common associate at Andreessen Horowitz. “The most significant expenditure that they can keep on to make is on the merchandise side,” he stated.
A spokeswoman for Andreessen Horowitz declined to say how much the undertaking-cash agency contributed to Greenlight’s most new fundraising spherical, which marked its very first financial investment in the corporation.
Greenlight also mentioned it named Will Yu chief operating officer and Sameera Rao main engineering officer. Mr. Yu, who joined Greenlight in Oct, most a short while ago led finance and operations for RealCadre LLC, a serious-estate finance enterprise that does business enterprise as Cadre. Mr. Rao, who is established to start out his new part Dec. 16, most a short while ago served as head of engineering at electronic-payments business
PayPal Holdings Inc.
Compose to Mark Maurer at [email protected]
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