goHenry pulls in £3.9m crowdfunding to help kids manage their money

goHenry, a new digital banking solution for kids, has raised almost £4m on crowdfunding site Crowdcube – said to be “the largest crowdfunded deal on the platform to date”.

2,372 investors participated in the round for a share of 15.98% equity, including 1,200 existing goHenry customers, with one investor backing £250,010. The round almost doubled its initial £2m target.

Founded by Alex Zivoder and Louise Hill, goHenry aims to make kids better at managing their money using a pre-paid debit card and app which overseen by parental controls.

The UK-based start-up has announced that 200,000 members have signed up so far, with more than 10,000 new customers joining every week.

The funds will be used to aid development of its core product and to support growth across the UK and Europe where it believes it has the ability to target an estimated 25 million children who receive pocket money.

On its offering, goHenry’s Hill, said: “As our economies become increasingly cashless, and as purchasing moves online, children need to be able to manage their money in a digital age.

“The many parents who use goHenry feel it’s important that they have a tool that enables them to empower their children to learn good money habits early on – to earn responsibly, to develop good saving habits and to spend safely.”

Darren Westlake, co-founder and CEO of Crowdcube, added:

“goHenry is the latest in a wave of innovative fintech (financial technology) firms that are disrupting parts of the financial services sector. There is no doubt that crowdfunding is no longer alternative, with more established and growth-stage businesses turning to us to raise larger sums, often as part of Series B fundraises.”