GoHenry (website), the prepaid debit card and financial education app for kids and teens, has raised £50 million in its latest growth capital round. The debit card and app for kids provider doubled revenue to $42 million during COVID and recently acquired European FinTech Pixpay.
After doubling its revenue during the pandemic to $42 million in 2021, the funding round follows the company’s recent acquisition of Pixpay, the leading provider of banking services for teens in France and Spain, marking its first move into Europe.
The funds from existing investors Edison Partners and Revaia, as well as new capital from Italian paytech company Nexi, will be used to expand GoHenry Group’s global footprint, with Pixpay set to launch in Italy later this year.
The capital will also drive product expansion, which has already seen GoHenry move into the Junior ISA space in the UK, introducing game-based money lessons called Money Missions in the app to promote financial literacy among young people further.
“To receive an investment from a leading public company like Nexi in the current market conditions is a testament to the robust business we have built at GoHenry since our inception ten years ago,” said Alex Zivoder, CEO of GoHenry Group.
“As digital payments become the norm, more families are looking for solutions to help their children and teens manage money and understand how to manage it in a cashless world. We are pleased to welcome Nexi to our board and strengthen our relationship with Edison and Revaia with this raise as we continue to transform financial literacy for children and youth worldwide.”