With its Crowdcube initiative set to close in nearly two weeks, goHenry has successfully secured over £3 million thanks to nearly 1900 investors. The online banking solution that helps children manage their money responsibly secured its initial £2 million goal in just 48 hours.
As previously reported, goHenry was founded by a group of parents that wished to help the next generation manage their money better. The company’s pre-paid VISA collaborated debut cards and app assist parents in teaching children good money habits. The price for the service is £2.49 / month per child, VAT inclusive (the company also offers custom-designed goHenry cards starting at £3.99).
goHenry has been named one of the world’s “Leading 100″ FinTech innovators by KPMG and H2 Ventures. It also achieved 4.5 star ratings in the Apple App Store & Google Play. The company noted that it intends to have a business with 2.4 million active child accounts in the UK and Europe by 2021, with revenues of more than $70 million and 45% of gross margin and 30% of EBITDA margin.
Louise Hill, co-founder and COO, recently stated:
“Being owned by parents has been key to our success. We all use goHenry with our own families, which is why we know we’re building a product that children and their parents love. That’s why we’re really keen to give other parents, grandparents, aunties and uncles an opportunity to invest and be a part of goHenry’s future too.”
Alex Zivoder, CEO of goHenry, added:
“You can see from the significant growth that we have achieved, that goHenry is solving a real problem for families. As our economies become increasingly cashless, and as purchasing moves online, children find themselves without a currency and a means to manage their money in a digital age. Parents also need the tools to help their children learn good financial practices early on – to spend safely, to earn responsibly and to start good saving habits.”
The company plans to use the funds for the following:
- Continue marketing our product to parents in the UK whilst improving our unit economics.
- Hire engineers and marketeers to strengthen our product and expand efficiently our distribution channels.
- Prepare the platform for its roll out across Europe (Scandics, Benelux, Italy, France, Germany).
goHenry’s crowdfunding campaign is set to close mid-May.
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