GoHenry, the prepaid debit card and financial education app for kids and teens, has raised $55m in its latest growth capital round with investment from existing investors, Edison Partners and Revaia, alongside new capital from leading Italian paytech Nexi.
Having more than doubled its revenue during the pandemic to $42M in 2021, the funding round follows GoHenry Group’s recent acquisition of Pixpay, the leader in teen banking in France and Spain, which marked the fintech pioneer’s first steps into Europe. The funds will be used to grow GoHenry Group’s global presence, with plans for Pixpay to launch in Italy later this year. It will also fuel its product expansion, which has already seen GoHenry introduce in-app gamified money lessons called ‘Money Missions’ to further support the financial education of young people.
Alex Zivoder, CEO at GoHenry Group, comments: “Under the current market conditions, to have attracted investment from a leading PLC like Nexi is testament to the robust business we have built at GoHenry since we launched 10 years ago. 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. We’re delighted to welcome Nexi to our board and to have strengthened our relationship with Edison and Revaia with this raise as we collectively continue to transform financial education for kids and teens across the globe.”
Quoted on the Milan stock exchange, Nexi merged with Danish paytech Nets last year expanding into the Nordics and Germany, and consolidating into Europe’s largest payments processor with a presence in over 25 countries. This fundraise marks Nexi’s first investment in the GoHenry Group and leads on its mission to drive the transition to a cashless Europe by making every payment digital. The new partnership between Nexi and GoHenry will include a mix of capital and services. Edoardo Giorgetti, Head of YAP, Innovation Lab at Nexi will also join the GoHenry Group board of directors.
“We are very pleased to enter into this partnership which allows us to continue our journey beyond Italy to enable and educate the consumers of tomorrow by supporting the go-to-market efforts of GoHenry Group as it expands across Europe. It also reflects our ambition to empower European fintechs as a part of a broader market evolution towards embedded payments and pay-as-a-service propositions,” says Edoardo Giorgetti, Head of YAP at Nexi Group.
“When we first partnered with GoHenry in 2020, we knew the company was poised to make a global impact by making money approachable and fun for the younger generation and their families,” said Chris Sugden, Managing Partner, Edison Partners. “Our initial investment powered the business’ acceleration in the U.K. and expansion to the U.S. 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.”
Elina Berrebi, Founding Partner of Revaia, added: “We are very proud to support GoHenry’s efforts to develop financial literacy for all kids in Europe and the U.S. 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.”