As per the agreement, clients of U.S. Bank having Bank Smartly and other qualifying checking accounts will have access to Greenlight's money app and debit card through the bank's mobile application.

Through this endeavor, U.S. Bank becomes the first financial institution to provide Greenlight directly through an integrated mobile app experience, utilizing Greenlight's new software development kit.

The new relationship "revolutionizes how our clients can teach their kids about money, by providing trusted and proven financial tools that create positive money habits," according to Tim Welsh, vice chairman of U.S. Bank's consumer and commercial banking.

Established in 2014, with its main office located in Atlanta, Georgia, Greenlight offers a family-oriented financial management system that purports to automate allowance disbursements, establish adaptable spending limits, and furnish immediate transaction alerts.

With more than 6 million users, the fintech also offers Greenlight Level Up, an in-app financial literacy game that aims to teach users how to "put money skills into practice, learn to earn, save and spend wisely."

"Partnering with U.S. Bank allows us to bring Greenlight to millions of new families, preparing the next generation with the financial knowledge, skills, and confidence they need," says Tim Sheehan, CEO and co-founder of Greenlight, in reference to the partnership.

With the up to 3% reward Greenlight Family Cash Card, the fintech unveiled a credit builder for youngsters last year. Before they reach eighteen, parents can assist their adolescents in managing and establishing credit by adding them as authorized users.