Child-focused banking app gohenry closes $40m round

gohenry, a prepaid card that aims to help children build health financial habits, has collected $40m for its latest funding round.

This capital injection was led by Edison Partner, with commitments also coming from Gaia Capital Partners, Citi Ventures and Muse 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 company aims to improve financial education for children between the ages of six and 18.

The funds from the round will help the company accelerate its expansion across the US and the UK.

gohenry has established a user base of 1.2 million parents and children. It has doubled its customer base annually over the past six years, and reached profitability in March 2020.

The FinTech previously raised £6.2m in a crowdfunding round on CrowdCube, back in 2018.

gohenry CEO Alex Zivoder said, “For too long, kids have been locked out of the digital economy and parents lacked the tools to help their children gain confidence with money and finances.

“gohenry was the first to respond to these needs in 2012 when we launched a ground-breaking financial education app and prepaid debit card that truly empowered children. In 2020, we’ve achieved three key milestones: becoming profitable which many B2C FinTech’s seek, raising $40m during Covid, and partnering with world leading funds. All three will help us fuel our U.S. expansion.”

As part of the deal,  Edison Partners managing partner Chris Sugden will join the company’s board of directors.

Copyright © 2020 FinTech Global

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