Children’s debit card and financial app provider GoHenry has raised $55m (£48.9m) to bring more services to its platform and further expansion plans.
London-based GoHenry offers a prepaid debit card aimed at kids and teenagers. Parents and guardians can monitor their child’s spending through their own app, while children receive in-app education about money.
Alex Zivoder, CEO, GoHenry Group said: “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.”
Earlier this year GoHenry acquire France and Spain-based teen banking app Pixpay, expanding its footprint into Europe.
GoHenry will use the newly acquired funds to develop new services and fuel global expansion, such as launching Pixpay into Italy before the end of the year.
“We are excited to fuel GoHenry’s rapid growth into continental Europe and to teach young people financial literacy with practical tools like how to manage a budget,” said Chris Sugden, managing partner, Edison Partners.
Investors banking on GoHenry in its latest growth capital round are Edison Partners, Revaia and Nexi.
Nexi’s Edoardo Giorgetti joins GoHenry Group’s board of directors as part of the deal.
Elina Berrebi, founding partner, Revaia said: “This new financing and strategic partnership is a significant milestone in its journey to become a leading global family finance player and will further develop its European footprint.”
Founded in 2012, the app has total funding to date of $114m (£101.2m), with a valuation of $220m (£195.5m) to $330m (£293.2m), according to Dealroom.