Yesterday we shared news that EVERFI and Sallie Mae were teaming up to promote financial literacy for high school kids in California. Today we share news on another youth finance-related front. gohenry, which specializes in providing financial education for youth and their families, has secured $40 million in financing. The round was led by Edison Partners, and featured participation from Gaia Capital Partners, Citi Ventures, and Muse Capital.
The funding takes the company’s total capital to more than $56 million.
“For too long, kids have been locked out of the digital economy and parents lacked the tools to help their children gain confidence with money and finances,” gohenry CEO Alex Zivoder said. “gohenry was the first to respond to these needs in 2012 when we launched a groundbreaking financial education app and debit card that truly empowered children. In 2020, we’ve achieved three key milestones: becoming profitable which many B2C fintechs seek, raising $40 million during COVID, and partnering with world leading funds. All three will help us fuel our U.S. expansion.”
gohenry specializes in helping kids aged six to eighteen develop sound money and financial habits. Launched in the U.K. as a financial literacy app and debit card in 2012, the company has grown its offerings to include its Teen and Eco cards – both of which feature built-in parental controls. The company’s solutions enable youth to learn how to manage allowances and other earnings and give parents the opportunity to guide their children as they learn the basics of digital finance. The company noted that young customers on its platform earned “nearly $150 million in allowances” and “contributed more than $140 million back into the global economy.”
As part of the agreement, Edison Partners managing director Chris Sugden will join gohenry’s board of directors.
“gohenry is catering to millions of parents who are looking to raise smart, financially literate children but are currently underserved by existing solutions,” Sugden said. “We’re thrilled to partner with Alex and the gohenry management team on this next milestone in their growth journey and look forward to realizing their ambitions to improve the financial fitness of kids across the globe.”