GoHenry, the UK-headquartered provider of a pre-paid debit card and financial education app for kids, has secured $55 million in capital in order to fund its move into new markets.
GoHenry has raised growth capital on a crowdfunding platform, pursuing multiple funding rounds on Crowdcube, raising almost £12 million.
Existing investors Edison Partners and Revaia have reportedly joined the investment round, along with fresh capital from Italian paytech Nexi.
GoHenry, which introduced services in the United Kingdom around 10 years ago and has since expanded its business to the US, claims over 2 million customers for its kids-focused Fintech app. The Fintech company’s management said that a pandemic-led shift or transition away from cash transactions helped it to double its overall revenue to $42 million this past year.
In July 2022, the company had acquired peer Pixpay, giving it an established presence in France and Spain. Pixpay is expected to launch business operations in Italy later in 2022.
Alex Zivoder, CEO, GoHenry, remarked:
“Under the current market conditions, to have attracted investment from a leading PLC like Nexi is testament to the robust business we have built at GoHenry since we launched 10 years ago. As digital payments become the norm, more families are looking for solutions to help their kids and teens interact with and understand how to manage money in a cashless world.”
As covered earlier this year, the team at GoHenry noted that it has been 10 years since they launched operations in the United Kingdom, and they now have more than two million members in the UK and US.
They recently launched their in-app Money Missions “to make financial education fun for kids.”
Their latest Youth Economy Report reveals that kids and teens “recognize the importance of financial education, with 80% of kids in the US saying that they think having good money management skills will help their future careers.”
So as GoHenry expands operations into Europe, they’re excited “to empower even more young people with the money management skills they need to thrive in today’s digital economy.”
They’re accelerating their mission “to make every kid smart with money by expanding into Europe.”
Thanks to the acquisition of French FinTech Pixpay, which is “leading” teen banking in France and Spain, GoHenry is excited to expand their member base and “enable even more kids and teens to kickstart their financial education.”
These changes won’t affect their existing service, and GoHenry and Pixpay will “continue to operate under their own brands with no change in leadership, headcount, or headquarters.”
Instead, they’ll be able “to work together, improve [their] product, and further transform financial education across the globe.”
Alex Zivoder, CEO at GoHenry, stated (earlier this year):
“Pixpay is the most developed player in Europe and we’re excited to combine our expertise in financial education to accelerate not only GoHenry’s growth but to accelerate the financial fitness of even more kids and teens globally.”