The UK-based financial education app and pre-paid debit card provider for kids has expanded into Europe, combining expertise in financial education with the acquired Pixpay
TechCrunch reported the M&A deal between British GoHenry and French startup Pixpay. After pioneering the new fintech category in its domestic market, GoHenry concentrated on US customers. It experienced triple-digit year-on-year growth in America. Inspired by such success, the kids’ financing app provider raised new funding eyeing European expansion.
Its main products are a pre-paid bank card for kids from 6 to 18 and an app with flexible parental controls and great budgeting tools. Through GoHenry, children gain financial independence and learn how to budget. So-called “money missions” deliver mini-lessons on all-things finance. The fintech also promoted the ESG agenda with biodegradable Eco Cards and the tree-planting initiative. Currently, GoHenry boasts more than two million users across the two markets. The company also claims that one-sixth of 12-year-olds in the US and UK now have a GoHenry debit card.
Young and ambitious French startup Pixpay offers similar solutions to children aged 10+. The company expanded into Spain last November, driving its membership count to nearly 200,000 across the two markets. Next, Pixpay plans to launch in Italy and Germany.
Acquiring an established brand with traction brings GoHenry certain advantages. At least, the expanding business doesn’t have to deal much with hiring, localisation, and launch campaigns. GoHenry said it has no plans to integrate the two companies, leaving respective brands, leadership teams, and headquarters as they are. Consolidation — rather than competition — makes both companies’ lives easier.