gohenry, a money app designed to build positive financial habits for kids, has raised $40 million in funding led by Edison Partners and with the participation of Gaia Capital Partners, Citi Ventures, and Muse Capital. The valuation of the Fintech was not revealed.
Simultaneously, gohenry shared that it has now topped 1.2 million members and is profitable. gohenry said it has doubled its customer base annually over the past six years and has been profitable since March 2020.
The new capital is expected to be used to accelerate the expansion of gohenry’s combined Fintech and Edtech solution across the U.S., where the company launched in 2018, as well as continued growth in the U.K.
In 2018, gohenry raised £6 million backed by 3125 investors in a securities offering on Crowdcube. The pre-money valuation at that time was set at £58 million.
gohenry’s mission is to innovate digital banking and payments and while providing financial education for p 6-18 year-olds learn good money and financial habits in an increasingly cashless world.
Alex Zivoder, CEO of gohenry, says that for too long kids have been locked out of the digital economy because parents lacked the tools to allow appropriate access for children.
“gohenry was the first to respond to these needs in 2012 when we launched a groundbreaking financial education app and prepaid debit card that truly empowered children,” sayd Zivoder. “In 2020, we’ve achieved three key milestones: becoming profitable which many B2C fintechs seek, raising $40m during Covid, and partnering with world leading funds. All three will help us fuel our US expansion. We are proud to partner with Edison Partners, Gaia Capital Partners, Citi Ventures and Muse Capital. Their endorsement allows gohenry to accelerate its expansion and roll out yet more innovations to customers.”
Chris Sugden, Managing Partner, Edison Partners, who led the investment commented:
“gohenry is catering to millions of parents who are looking to raise smart, financially literate children but are currently underserved by existing solutions. We’re thrilled to partner with Alex and the gohenry management team on this next milestone in their growth journey and look forward to realising their ambitions to improve the financial fitness of kids across the globe.”
Sugden will join the gohenry board of directors along with Dawn Zier, best-known for engineering the transformation and growth of Nutrisystem, Inc, as a publicly traded company in the U.S.
Elina Berrebi, Founding Partner of Gaia Capital Partners, said gohenry is a pioneer in the family finance space.
“Thanks to the strong engagement of their large community of users in the U.K. and the U.S., they have built a very healthy business model at the crossroads of fintech and edtech. We are very proud to partner with the management of this European gem and support their journey to become a global leader.”
