Digital bank solution for kids, goHenry, has become the largest ever crowdfunding round on Crowdcube closing at £3.99 million topping JustPark that raised £3.5 million in 2015. Crowdcube states this is the 38th deal on their platform that has raised more than £1 million. The funding was described as having sufficient momentum to go higher but the amount raised hit the €5 million cap presently established in Europe.
— goHenry (@justgoHenry) June 2, 2016
goHenry is an application and pre-paid debit card that is designed for kids from 8 to 18 to help them learn to manage their finances. The company received solid recognition for being named as one of the world’s Leading 100 Fintech Innovators by KMPG and H2 Ventures. Today the company has over 200,000 users and states they are adding more than 10,000 users every month.
This funding round initially targeted a raise of £2 million. But the crowdfunding campaign easily hurdled that number with 2,372 individuals investing in the young company. Many of these investors are current goHenry customers indicative of the commitment from the user base. The single largest investment in this crowdfunding round was over £250,000.
“We are a business that was built by parents so it’s only natural that it continues to be owned, managed and grown by parents as well.”
The new capital will be used to develop the goHenry application and continue its expansion in the UK and to cross the channel and enter continental Europe. The company is targeting the 25 million children in Europe that inevitably will be facing a cashless future as money and banking all move online.
“As our economies become increasingly cashless, and as purchasing moves online, children need to be able to manage their money in a digital age,” stated Hill. “The many parents who use goHenry feel it’s important that they have a tool that enables them to empower their children to learn good money habits early on – to earn responsibly, to develop good saving habits and to spend safely.”
Darren Westlake, co-founder and CEO of Crowdcube, said this funding round is emblematic of the fact that crowdfunding is no longer alternative and no longer just for startups but for more mature companies.
“goHenry is the latest in a wave of innovative fintech firms that are disrupting parts of the financial services sector and raising finance on Crowdcube … businesses [are] turning to us to raise larger sums, often as part of Series B fundraises,” said Westlake.
Crowdcube has raised over £168 million for more than 410 different funding rounds. The platform offers both debt and equity opportunities for early stage and later stage crowdfunding companies.
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