Digital banking solution goHenry has not only successfully secured its initial £2 million funding target through its latest equity crowdfunding campaign on Crowdcube and is now nearing £4.6 million. The initiative has attracted nearly 1500 investors.
As previously reported, goHenry was created by a group of parents that wished to help the next generation manage their money better. Its financial tool is a card and app for a digital generation of kids and teens, helping parents teach their children (ages 6-18) how to earn, save, spend and learn about money. Parents decide where the card can be used, can agree limits with kids, allocate pocket money and allowances automatically or related to particular tasks, while children decide where, when and how much to spend or save.
“For £2.99 a month, gohenry provides a safe environment where children and teenagers can learn about earning, saving and spending responsibly by having the freedom to do it themselves, but with parental oversight, guidance and the safety of set spending limits.”
goHenry reported that it currently has 330,000 activated child accounts, which includes 13,000 child accounts in the U.S. since launching in April. The company stated its revenue has increased significantly in the past two years, with £2.8 million in 2016 and £6.1 million in 2017, which is a 115% year on year growth and 2017 EBITDA of -£677,000. goHenry’s pre-valuation is £58,039,908.
“Our goal is to have 15% of the UK & US addressable market. That would account for 6.6m child accounts, an estimated market value of £251 million. We already have 5% market share in the UK.”
Luke Lang, Co-founder of Crowdcube, recently spoke about goHenry’s return to the funding platform by sharing:
“goHenry is already a recognised Great British tech star. We couldn’t be happier than we are to be facilitating this fundraising, the latest from a rising fintech leader, which will give them the funds they need to turbo-charge their US growth. It’s always a pleasure to work with companies we’ve helped raise funds before, and the initial phase of funding from existing shareholders is a great example of how we can help develop the sense of community many disruptive businesses like gohenry prize.”
Funds from the Crowdcube round will be used to continue growth and expansion. The campaign, which has gone live to the public, will stay active until the end of October or until it reaches £7.1 million in funding.
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