GoHenry, a London-based fintech specialising in financial services for children, has been acquired by US saving and investment company Acorns for an undisclosed sum.
GoHenry, which raised almost £50m in a funding round in October last year, is an app designed to get young people into responsible digital finance.
Users can receive a prepaid debit card and parents and guardians can monitor their child’s spending. The app also provides financial education for young people, which caught the eye of the American fintech company.
Acorns, which puts spare change from users’ everyday purchases towards index funds, has been looking to target a younger market and with two million members, it’s a market that GoHenry has a strong foothold in.
“Since we started on our mission to make every kid smart with money ten years ago, we have helped millions of young people do exactly that and this new relationship with Acorns will enable us to reach many millions more,” said Louise Hill, co-founder and COO of GoHenry.
While its UK and European customers will not be affected by the merger, the service will be deployed in the US market under the name GoHenry by Acorns.
“All kids around the world deserve access to responsible money management tools and financial education,” said Noah Kerner, CEO of Acorns.
“GoHenry’s mission-driven approach is perfectly aligned with Acorns, which we expect will help us accelerate our roadmap and deliver global financial wellness through all of life’s stages.”
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