With its latest equity crowdfunding campaign on Crowdcube set to close later this evening, UK-based digital banking solution goHenry will complete the funding round with nearly £6 million from more than 3300 investors.
goHenry’s financial services, which is a debit card and app, is geared for the digital generation of kids and teens. The service allows parents to be able to decide where their child’s 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. 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.
“gohenry was founded in the UK in 2011 by 3 parents with a vision to empower & teach children good money habits through real money management. Since then we’ve not changed direction: we want to help every kid be good with money. We introduce young people aged 6-18 to digital banking and provide them with a safe way to spend in an increasingly cashless world. Parents get peace of mind.”
Prior to the latest campaign’s launch, which quickly secured its funding £2 million funding target, goHenry secured nearly £4 million through its first funding initiative on Crowdcube. 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. goHenry revealed its goal is to have 15% of the UK & US addressable market, which would account for 6.6m child accounts, an estimated market value of £251 million.
Funds from the latest Crowdcube round will be used to continue the growth and development of goHenry’s products.
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