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Pocket money app gohenry raises $40m for US push

Pocket money app gohenry raises $40m for US push

UK-based kids' money management app gohenry has raised $40 million in a funding round led by Edison Partners and joined by Citi Ventures.

Gaia Capital Partners and Muse Capital also joined the round for gohenry, which has built up a community of 1.2 million parents and children and this year hit profitability.

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.

The new funding round will be used to accelerate the expansion across the US, where the company launched in 2018, and for continued growth in its home market of the UK.

Alex Zivoder, CEO, gohenry, says: "In 2020, we’ve achieved three key milestones: becoming profitable which many B2C fintechs seek, raising $40m during Covid, and partnering with world leading funds. All three will help us fuel our US expansion."

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