Youth Banking App GoHenry Secures $55 Million After Reaching 2 Million Users
U.K. fintech GoHenry raises $55 million to expand its youth banking platform, which currently serves 2 million children between the ages of 6 and 18 across four countries.
U.K. fintech company GoHenry raises $55 million in equity funding to expand its banking services for children aged 6 to 18. The investment comes from previous backers Edison Partners and Revaia, along with a strategic investment from Italian payments company Nexi. This new round brings the total funding raised by the youth-focused neobank to $125 million.
The startup currently serves 2 million customers across the U.K., the U.S., France, and Spain, with the recent European expansion driven by its acquisition of French rival Pixpay. GoHenry provides users with a prepaid debit card topped up by parents and a companion financial education app that teaches money management skills. The company also offers a separate app for parents to monitor and control their children's accounts.
The COVID-19 pandemic significantly accelerates GoHenry's growth as families shift toward digital financial services and online commerce. The company reports a surge in new users and increased activity among existing customers during this period, noting that kids in the U.K. earned £148 million in 2021 through the platform. GoHenry focuses on starting financial education early to create a foundational rite of passage for young users.