gohenry raises 3x more than target in crowdfunding campaign

Gohenry, a prepaid card for children and parents, has raised £6.2m in its crowdfunding campaign.

The sale, which is being held on the CrowdCube platform, has received contributions from 3,284 individual investors. Through the sale, a total of 9.66 per cent of the gohenry equity was distributed to the backers of the campaign.

A pre-money valuation for gohenry was set at £58m, it is unclear what the new value of the company is now.

Initially, the company was looking to raise just £2m through the crowdfunding campaign. It is not clear what the company is planning to do with the fresh wave of capital.

UK-based gohenry is a digital banking solution, which includes a card and app, aiming to help parents educate their children about earning, saving, and spending money.

The platform works by creating an online account for each child, with each child able to monitor their finances from an app and make payments through a gohenry Visa card. Parents are able to set regular pocket money transfers or one-off payments, set tasks for children to complete and earn extra cash, and invite relatives to also contribute to the child’s savings.

Single and weekly spending limits can be established, controls over what shops, online stores and cash machines can be used with the card can be used, cards can be blocked instantly, and parents can view in real-time how the child spends.

The company has around 330,000 active child accounts, of which, 13,000 are based in the US –  gohenry began operations in the US in April this year. Revenue has increased from £2.8m in 2016 to £6.1m in 2017, making a 115 per cent YoY growth. Its EBITDA for 2017 was -677,000, according to the company.

Copyright © 2018 FinTech Global

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