GoHenry

Based in the UK, GoHenry is a neobank offering a prepaid debit card to children and teenagers through a mobile app and web portal. It also allows parents to track, allocate, and control funds of their children. The bank aims to empower and educate kids on spending and money management. In 2018, GoHenry expanded its offering to the US, and the account is insured up to USD 250,000 by the Federal Deposit Insurance Corporation (FDIC), while in the UK, the funds are held in segregated accounts that cannot be accessed by GoHenry.

Customers opening a GoHenry account are provided a 30-day free trial and subsequently charged GBP 3.99 per month for the Everyday plan, GBP 5.99 per month for the Plus plan, and GBP 9.99 per month for the Max plan. Features of the account are tailored according to the age and financial literacy of the child, and the app allows parents to set up weekly allowances as well as chores to reward their children once completed. It also lets parents set control limits, block cards, and get real-time notifications on transactions. Teens who are working can get their wages directly credited to the account and can also link the account to Apple Pay to make payments. GoHenry also has built-in “Money Missions” to educate children on various financial topics that increase in complexity according to their age. In addition, it pays GBP 20 or USD 30 for each user for successful referrals.

In July 2022, GoHenry acquired Pixpay, a French digital bank offering similar services, aimed at children over the age of 10, for an undisclosed amount. It operated in France and Spain and had ~200,000 customers as of the same date. GoHenry commented that it had no plans to merge the two companies' brands and that the leadership teams and the headquarters would remain unchanged. Through the acquisition, it aimed to accelerate the growth and expansion of the two companies through the combined expertise. Moreover, Pixpay aimed to launch its services in Italy and Germany later in 2022.

GoHenry was acquired by Acorns, a micro-investing platform, in an all-equity deal in April 2023. Following the acquisition, GoHenry would operate as GoHenry by Acorns in the US, while it would continue to operate under the GoHenry and PixPay brands in the UK and Europe.

Key customers and partnerships

Its banking services are provided in partnership with IDT Financial Services in the UK and Community Federal Savings Bank in the US.

In March 2022, GoHenry had more than 4.6 million paid subscribers.

Funding and financials

The company raised USD 55 million in October 2022, with participation from existing investors Edison Partners and Revaia (formerly Gaia), and new investor Nexi. It had geared the fresh capital to develop an individual savings account (ISA) and a new gamified educational experience called Money Missions, which it aimed to leverage to expand geographically in Europe.