GoHenry raises $55m for global expansion
Prepaid spending card GoHenry first expanded outside of the UK with a launch in the US. It now has its sights on a rollout across Europe.
GoHenry, a fintech offering digital prepaid spending cards for children, has raised $55m to accelerate its plans for global expansion.
Edison Partners and Revaia, two existing investors, were joined in the round by listed-Italian payments company Nexi.
Offering prepaid cards for children aged 6-18, GoHenry’s CEO Alex Zivoder says the company is seeing growing demand for its services.
“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,” he said.
The company did not disclose a valuation but Zivoder pointed to the fintech’s recent growth in revenue in an email message to AltFi and said its valuation had increased from its $40m round in December 2020.
“We do not publicly comment on the valuation of the business, however, GoHenry more than doubled its revenue during the pandemic to $42m in 2021. Our business valuation is in line with the market space,” he said.
“This round was higher than previous rounds,” he added.
GoHenry, before this new round, has raised a total of $81m over the past 10 years since being founded in 2012 in London. The company recently acquired Pixpay, a leader in teen banking in France and Spain, marking its first foray into Europe and its plans for global expansion.
The new cash will be used to further grow its global presence, starting with Pixpay’s Italian launch later this year.
The head of YAP Innovation Lab at Nexi, Edoardo Giorgetti, will join the GoHenry Group board of directors as part of the deal which will see a new partnership between the companies.