Kids’ finance app GoHenry bags £50m cash injection
Kids’ finance app GoHenry revealed it had bagged $55m (£49.6m) in fresh funding today as it looks to fuel its expansion across Europe.
UK-based GoHenry, which provides a pre-paid debit card and financial education app for children, said it had secured growth capital from existing backers including Edison Partners and Revaia, as well as a cash injection from Italian payments giant Nexi.
GoHenry has been ramping up its growth in recent years and more than doubled its revenue during to $42m last year as well as recently snapping up teen banking firm Pixpay in its first foray onto the continent.
Chief Alex Zivoder said the firm was looking to tap into a move from parents to better educate kids on cash.
“As digital payments become the norm, more families are looking for solutions to help their kids and teens interact with and understand how to manage money in a cashless world,” he said.
“We’re delighted to welcome Nexi to our board and to have strengthened our relationship with Edison and Revaia with this raise as we collectively continue to transform financial education for kids and teens across the globe.”
Listed on the Milan stock exchange, Nexi merged with Danish paytech Nets last year expanding into the Nordics and Germany, and consolidating into Europe’s largest payments processor with a presence in over 25 countries.
Nexi executive Edoardo Giorgetti said the cash would help the firm’s “go-to-market efforts” as it expands across Europe.
“It also reflects our ambition to empower European fintechs as a part of a broader market evolution towards embedded payments and pay-as-a-service propositions,” he added.