Greenlight Financial Technology Inc., said it raised $54 million in Series B funding led by Drive Capital, with backing from JPMorgan Chase and Wells Fargo. 

The company, which launched in 2014, provides an app-based platform that allows children to manage their money with the help and oversight of their parents. The company has more than 500,000 family members using the platform. 

The funding will be used to add additional educational features to the mobile app. 

"Greenlight has built an incredible platform that makes it convenient and safe for parents and kids to manage their money," Chris Olsen, a partner at Drive Capital, and a new board member, said in a company release from Greenlight.

He said Drive was attracted to Greenlight by the scarcity of tech platforms designed to help consumers become more successful. The platform provides a mobile app and debit card that allows kids to spend and build savings accounts. 

Parents can place limits on which retailers their kids can spend at, set limits on the amount of interest paid into savings, and also manage allowances and chores. Kids can create savings goals and get other insights. 

Existing investors TTV Capital, Live Oak Bank and Relay Ventures also participated in the round. The Greenlight debit card is issued by Community Federal Savings Bank, which is FDIC insured.