gohenry empowers young people in a digital banking world. Its cards & app for the digital native generation help parents teach kids (ages 6-18) how to earn, save, spend & learn about money in an increasingly cashless world. Today 550k+ parents & kids in the UK & US use this safe digital solution.
gohenry was founded in the UK in 2011 by 3 parents with a vision to empower & teach children good money habits through real money management. Since then we’ve not changed direction: we want to help every kid be good with money. We introduce young people aged 6-18 to digital banking and provide them with a safe way to spend in an increasingly cashless world. Parents get peace of mind.
Our main revenue source is a small monthly membership fee we charge to parents for every active child account.
We have strong traction:
- We have 330k activated child accounts. This includes c.13k child accounts in the US since launching in April.
- Revenue: £2.8m in 2016 and £6.1m in 2017 (115% year on year growth, 2017 EBITDA of -£677k).
- We were ranked the 8th fastest growing company by revenue in the Sunday Times Tech Track 100 2018 league table.
Our goal is to have 15% of the UK & US addressable market. That would account for 6.6m child accounts, an estimated market value of £251m. We already have 5% market share in the UK.
We’ve kept our word to investors twice already:
- Got the UK to breakeven in Nov 2017 and Q1 2018 (2016 £4m fundraise)
- Entered the US market (2017 £2.4m fundraise)
We’re a business founded & funded by parents on a mission to help every kid be good with money – the power of the crowd has been key to our success. We’re excited to be back again to help accelerate our US growth.