GoHenry explained

Industry:Financial technology
Founder:Louise Hill and Dean Brauer
Key People:Alex Zivoder (CEO)[1]

GoHenry is a US and UK-based financial technology company, that provides a Visa debit card and financial education app for children aged 6 to 18.[2]

History

GoHenry was co-founded by Louise Hill and Dean Brauer, in 2012 in London, UK. [3]

The company is named after GoHenry's first customer, an 11-year-old boy named Henry.[4]

As of 2014, the monthly subscription cost £1.97 per child with no charge for closing an account.[5] As of 9 July 2022, the monthly fee was £2.99 per child. Go Henry Pricing Online

In 2016, the company broke an equity crowdfunding world record, by raising $5.6 million on Crowdcube.[6]

In 2020, the company raised $40 million in funding led by Edison Partners and with the participation of Revai (formerly Gaia Capital Partners), Citi Ventures, and Muse Capital.[7]

As of November 2021, the company reports 2 million members (parents and children),[8] up 500K users from December 2020.[9]

In 2021, it got Best Children's Financial Provider from the British Bank Awards.[10] In June of 2022, GoHenry acquired PixPay, a French startup, for an undisclosed sum. [11]

Reception

In late 2021, Gohenry launched Money Missions, gamified financial lesson about money savings.[12] According to New York Times review, Gohenry is best for parents who want to track money spent by their children.[13] In another story, The New York Times highlighted that GoHenry is useful for parents who are "tired of having a drawer full of dollars" to give them to children.[14] Cards International magazine made a review about Gohenry in 2018 stated that "getting children into good financial habits for the current banking landscape will make a huge difference to them in later life".[15]

Mashable and Newsweek included Gohenry into its list of top family apps to manage pocket money and chores.[16] [17]

According to Computer Weekly, GoHenry migrated to Google Cloud Platform in 2017.[18]

Notes and References

  1. Web site: 2021-06-24. 3 insights from gohenry CEO Alex Zivoder on youth digital purchasing and saving behaviors. 2021-10-10. SuperAwesome. en-GB.
  2. Web site: GoHenry, a pre-paid card and finance app for 6-18 year olds, raises $40M. 2021-10-10. TechCrunch. en-US.
  3. Web site: 2023-04-03 . Acorns Acquires GoHenry; Delivering Financial Wellness for Life's Many Stages . 2023-10-12 . Yahoo Finance . en-US.
  4. News: 2020-07-12. 'Someone needs to help parents control their kids' spending'. en-GB. BBC News. 2022-01-21.
  5. Web site: 2014-07-03. Debit card firms cash in on digital pocket money for kids. 2022-01-21. the Guardian. en.
  6. Web site: Williams . Mark . 14 September 2016 . GoHenry pockets £4m for app that teaches kids money-management . https://web.archive.org/web/20160918232758/https://www.theguardian.com/small-business-network/2016/sep/14/GoHenry-pockets-4m-app-teaching-kids-money-management . 2016-09-18 . TheGuardian.com.
  7. Web site: Gaia Capital Partners in Paris rebrands as Revaia, closes first €250M growth fund. 2021-10-10. TechCrunch. en-US.
  8. Web site: 2021-11-13. Why the banking app revolution is fizzling out. 2021-11-13. The Times. en.
  9. Web site: 2021-07-24. What are the best debit cards for your kids to spend safely?. 2021-10-10. the Guardian. en.
  10. Web site: 2021-07-08. British Bank Awards 2021: The Winners. 2022-01-20. Fintech Finance. en-US.
  11. Web site: Kids' finance startup GoHenry acquires Pixpay . 2022-07-15 . TechCrunch . en-US.
  12. Web site: 2021-10-19. Fintech GoHenry Introduces Money Missions, In-App Gamified Education, to Support Financial Literacy. 2022-01-19. www.crowdfundinsider.com. en-US.
  13. News: Lieber. Ron. 2021-10-02. They Want to Hand Your Kid a Debit Card. What Do You Do?. en-US. The New York Times. 2022-01-19. 0362-4331.
  14. News: Carrns. Ann. 2018-11-15. How Parents Teach Smart Spending With Apps, Not Cash. en-US. The New York Times. 2022-01-20. 0362-4331.
  15. Richter . Briony . September 2018 . Gohenry: The rise of the digital piggy bank . Cards International . 559 . 10–11 . verdict.co.uk.
  16. Web site: Hazlett. Alex. 2021-04-02. 6 allowance apps to help kids learn the basics of money. 2022-01-21. Mashable. en.
  17. Web site: 2021-07-18. 25 best apps for parents. 2022-01-21. Newsweek. en.
  18. Web site: Children's debit card provider Gohenry banks on Google Cloud to ease IT infrastructure growing pains. 2022-01-21. ComputerWeekly.com. en.

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