goHenry, an online banking solution that helps children manage their money responsibly, launched a Crowdcube initiative over the weekend to raise £2 million as it prepares to expand its services throughout Europe. Within just 48 hours of its debut, the campaign not only secured its initial goal, it is currently nearly £2.5 million thanks to 1224 investors.
The company was founded by a group of parents that wished to help the next generation manage their money better. goHenry’s pre-paid VISA collaborated debut cards and app assist parents in teaching children good money habits. The price for the service is £2.49 / month per child, VAT inclusive (the company also offers custom-designed goHenry cards starting at £3.99).
“Today over 200,000 parents, children and relatives use goHenry to manage the families’ allowance. Every month more than 10,000 children join us to learn the value of money. Over the last three months we’ve grown revenue 470% over the last two years and we’re on target to achieve more than £5m of revenue this year. We’ve shown strong progress signing up parents and their children, and we’ve achieved this by building a product that families love. Our Net Promoter Score is 68%, which to our knowledge is amongst the highest in the financial industry and our attrition rate is below 1% per month on average.”
The company has been named one of the world’s “Leading 100” FinTech innovators by KPMG and H2 Ventures. It also achieved 4.5 star ratings in the Apple App Store & Google Play. goHenry noted that it intends to have a business with 2.4 million active child accounts in the UK and Europe by 2021, with revenues of more than $70 million and 45% of gross margin and 30% of EBITDA margin.
The company plans to use the funds for the following:
- Continue marketing our product to parents in the UK whilst improving our unit economics.
- Hire engineers and marketeers to strengthen our product and expand efficiently our distribution channels.
- Prepare the platform for its roll out across Europe (Scandics, Benelux, Italy, France, Germany).
goHenry’s campaign is set to close mid-May.
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