UK-based pocket money app gohenry has raised £6.2 million in a crowd-funding exercise on Crowdcube, furthering its plans to grow its business in the US.
The company turned to Crowdcube in September with the aim of raising £2 million, quickly exceeding the target as more than 3000 investors piled in. The business, which charges users £2.99 per month for the app, is forecasting revenue growth of £8.1 million as it builds out its business in the US, where it has already captured 15,000 accounts.
Founded in 2012, the pre-paid debit card and app is designed for young people aged six to 18. It allows a parent to manage their children’s pocket money while teaching them financial responsibility.
Children can earn their coin by completing weekly or one-off tasks set by the parent and create savings goals. In addition they can see their weekly earnings, savings and spending in graphical, easy-to-use educational formats.
In July, the firms also teamed with national children's charity NSPCC to introduce a 'Giving' function, enabling users to make a one-off or regular donation to the NSPCC, capped at 20 pence per week.
Alex Zivoder, chief executive of Gohenry, says: “Over 350,000 children are actively using Gohenry, with more joining every day - managing their finances, learning about money, and getting to grips with the digital economy."