Wednesday, pay as you go debit card and training app GoHenry introduced that they’d raised $55 million in a brand new funding spherical.
The funding got here from present traders Edison Companions and Revaia, alongside new capital from an Italian pay tech known as Nexi.
In 2022, the corporate mentioned it doubled income from the prior yr to $42M, and the information adopted the current acquisition of France and Spain teen banking app Pixpay.
The funding spherical follows GoHenry Group’s current acquisition of Pixpay, the chief in teen banking in France and Spain, marking the fintech pioneer’s first steps outdoors the UK.
Alex Zivoder, CEO at GoHenry Group, mentioned elevating cash in a market like this champions a decade of onerous work.
“Beneath the present market situations, to have attracted funding from a number one PLC like Nexi is a testomony to the strong enterprise we now have constructed at GoHenry since we launched 10 years in the past,” Zivoder mentioned. “As digital funds change into the norm, extra households are searching for options to assist their youngsters and teenagers work together with and perceive handle cash in a cashless world.”
The corporate mentioned the funds can be used to develop GoHenry Group’s international presence, with plans for Pixpay to launch in Italy later this yr.
New methods to financially educate
GoHenry mentioned the funds will go towards new merchandise to assist educate, just like the not too long ago launched gamified cash classes known as ‘Cash Missions.’
Nexi merged with a Danish pay tech known as Nets final yr, consolidating into Europe’s largest funds processor with a presence in over 25 international locations. It’s Nexi’s first funding within the GoHenry Group and leads on its mission to drive the transition to a cashless Europe by making each fee digital.
Edoardo Giorgetti, Head of YAP, Innovation Lab at Nexi, mentioned they had been completely satisfied to affix in and that he’ll be a part of the GoHenry Group board of administrators.
“We’re very happy to enter into this partnership, which permits us to proceed our journey past Italy to allow and educate tomorrow’s customers by supporting the go-to-market efforts of GoHenry Group because it expands throughout Europe,” Giorgetti mentioned. “It additionally displays our ambition to empower European fintechs as a part of a broader market evolution in the direction of embedded funds and pay-as-a-service propositions.”
GoHenry Group is the guardian firm primarily based within the UK, with a household tree that reaches worldwide. The household now contains PixPay in France, GoHenry and its subsidiaries within the US, GoHenry Monetary Know-how, primarily based in Canada, and GoHenry Household Finance Ltd., primarily based within the UK.
Funding from outdated companions
Chris Sugden, Managing Associate, Edison Companions, mentioned the brand new funds proceed a longstanding partnership.
“Once we first partnered with GoHenry in 2020, we knew the corporate was poised to make a worldwide influence by getting cash approachable and enjoyable for the youthful era and their households,” Sugden mentioned. “Our preliminary funding powered the enterprise’ acceleration within the UK and enlargement to the US.”
He mentioned they’re excited to gasoline GoHenry’s speedy development into Europe and educate younger individuals monetary literacy with sensible instruments like managing a price range.
Elina Berrebi, Founding Associate of Revaia, mentioned they’re completely satisfied to contribute to training efforts.
“We’re very proud to help GoHenry’s efforts to develop monetary literacy for all youngsters in Europe and the U.S,.” Berrebi mentioned. “His new financing and strategic partnership is a big milestone in its journey to turning into a number one international household finance participant and can additional develop its European footprint.”
Zivoder mentioned GoHenry is delighted to welcome Nexi to the board “and to have strengthened our relationship with Edison and Revaia as we collectively proceed reworking monetary training for teenagers and teenagers throughout the globe.
Three visions of the monetary future
GoHenry launched in 2012 to assist younger individuals find out about cash, the agency mentioned, by empowering them with monetary merchandise beneath parental supervision. For ages 6-10, the agency mentioned it invested in a brand new monetary training class and now has over two million members throughout the UK and US and, extra not too long ago, France and Spain with its acquisition of French fintech Pixpay.
They bought Pixpay for its maintain in Europe and congruent youth training purpose, listed on the Milan Inventory Trade.
Benoit Grassin, Nicolas Klein, and Caroline Ménager based Pixbay in France in 2019 as an alternative choice to banks for teenagers as younger as 10. Pixpay provides a Mastercard card and a cell app for funds and saving cash.
Nexi is the European PayTech, additionally listed at Euronext Milan, meaning to drive the transition to a cashless Europe.