According to Dealbook, $1.1 billion has been invested into youth banking startups. Half went to the one breakout performer, Greenlight (see profile below) which was valued at $2.3 billion in 2021. In total, 10 digital banks actively promoting teen/youth accounts. Eight specialize in the niche, and two, Revolut and SOFI, are broad consumer digital banks that also offers a dedicated youth account.
If you are a parent thinking about your child's financial future, here are 10 reasons why you should set up a separate account for your child before they hit high school at the latest (some accounts start at age 6):
- Teach financial responsibility: Separate accounts help children learn financial responsibility and money management from an early age.
- Monitor allowances/rewards: Parents can tailor the amount of money given to each child based on age, needs, responsibilities and rewards.
- Track spending/saving: It allows parents to monitor and track each child's spending habits, helping to identify areas where guidance is needed.
- Save money for goals: Each child can set and work towards their own savings goals, teaching the importance of saving for the future.
- Encourage independence & financial literacy: Managing their own accounts can foster a sense of independence and self-reliance while providing needed financial skills for adult life
- Provides ready funds for emergencies: Parents can allocate specific amounts for emergencies, ensuring access to funds when needed.
- Build Credit: Older children can graduate to a small credit product to start building their credit history/score.
Largest Youth Banking Providers (ranked by website traffic)
| Rank | Company | Founded | HQ | Visits (Jun'26) | Funding ($M***) |
| Digital Banks | |||||
| 1 | SOFI Student Checking | 2011 | SF | 26.6 million | $12,300 |
| 2 | Revolut <18 | 2015 | London | 22.6 million | $1,700 |
| 3 | Greenlight | 2014 | Atlanta | 1.1 million | $557 |
| 4 | GoHenry (Acorns) | 2012 | Lymington, UK | 320,000 | $121 |
| 5 | Step | 2018 | Palo Alto, CA | 250,000 | $491 |
| 6 | FamZoo | 2006 | Palo Alto, CA | 21,000 | Unknown |
| 7 | Busykid (AKA Leapspring) | 2011 | Phoenix | 16,000 | 8.3 |
| 8 | Till | 2018 | Nantucket, MA | 21,000 | $6.0 |
| 9 | Jassby | 2017 | Waltham, MA | 36,000 | $7.9 |
| 10 | Goalsetter | 2015 | NYC | 3,400 | 39.7 |
| Branch Banks | |||||
| 202 million | |||||
| 146 million | |||||
| Fidelty Youth Account | 128 million | ||||
| 111 million | |||||
| 104 million | |||||
| 28 million | |||||
| 7.2 million | |||||
| 1.0 million | |||||
| Payments | |||||
| 122 million | |||||
| Venmo Teen Account | 18.9 million |
Sources: FintechLabs.com, Similarweb, SEMrush, 16 July 2026
Greenlight
Founded 10 years ago in Atlanta, the challenger now gets more than 1 million monthly visits and has achieved relatively high brand awareness. The company was valued at $2.3 billion during its last round, though that was in the heady mid-2021 period. Its self-reported financial metrics don't seem that unicornish, but its potential around white labeling (eg. US Bank) may be the underpinning of its valuation:
- 6 million users (kids + parents)
- 1+ million new accounts generated for partner banks and credit unions
- $5.5 million donated in 2023
- $198 million saved in 2023
- 47 million chores completed in 2023
- 414,000 Apple App Store reviews (4.8 score) as of 7/22/24 (app ranked #68 in Finance)
- 52,000 Google Play Store reviews (4.7 score) with more than 1 million downloads
- 515 employees (Pitchbook)
- 33,oo0 followers on Linkedin (626 employees)
- 3.9 TrustPilot score with 5,280 reviews
