Participated · Equity · Oct 2022

GoHenry provides prepaid debit cards and a linked financial-education app for children aged 6–18, plus a parent-facing app to monitor and manage accounts. Its core product ties allowance, chores and earning features to spending and, for teens, peer-to-peer transactions. The company has grown to 2 million customers across the U.K., U.S., and, after acquiring Pixpay, France and Spain. GoHenry posted $42M in revenue in 2021—double its 2020 revenue—but is not yet profitable. Planned product expansions include a new ISA savings product and a gamified educational experience called Money Missions, and the company is exploring offerings for users aging out of its core service. Management intends to leverage its strategic relationship with Nexi to accelerate European expansion while continuing to build the youth banking segment. GoHenry provides a prepaid debit card and companion app that lets parents top up, control spending, and set tasks so children aged 6–18 can earn and manage money. The child-facing app shows balances and task-based earnings while parents receive spending reports and set limits; cards are personalized with users' names and cannot be overdrawn. The service charges a $3.99 monthly fee after a one-month free trial and levies additional fees for some transactions such as foreign use. GoHenry says it has 1.2 million members and has doubled its customer base annually for the last six years. In the UK in 2019 parents paid £98 million in pocket money through the service, children earned more than £2.2 million for tasks, and users spent just under £100 million into the UK economy. The company turned profitable in March 2020 and is focused on expanding its business in the US and UK. goHenry is the UK’s first digital banking solution for families, offering a prepaid Visa debit card and a mobile app with parental controls for children and teens. The product targets young people aged 8–18 and aims to teach them to earn, save and spend responsibly while giving parents oversight. The company was founded by a group of parents with a mission to make the next generation better at managing money; the article notes that 78% of children in the UK receive pocket money, underscoring the market opportunity. Financially, goHenry completed an equity crowdfunding campaign that raised £3.99 million on Crowdcube, described as one of the world’s largest equity crowdfunding rounds to date. The company plans to use the funds to supercharge UK growth, begin international expansion into European markets, and invest further in product development. goHenry has previously raised private investment and counts a strong private investment base and close advisors among its supporters; it may seek additional institutional financing next year.