GoHenry Group, providers of an online app and debit card designed to help those from age 6 to 18 manage their money through intuitive budgeting and responsible spending, has raised $55 million in growth capital to accelerate global expansion, according to a Wednesday announcement, and Princeton-based Edison Partners was a major part of this latest funding round.
Having more than doubled its revenue during the pandemic, to $42 million in 2021, GoHenry saw this latest investment round include not just Edison Partners, but Revaia, and new capital from leading Italian paytech Nexi. The funds will be used to grow GoHenry’s global presence, with plans for it to launch new acquisition Pixpay 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.
“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,” Chris Sugden, managing partner, Edison Partners, stated. “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.”
“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,” Alex Zivoder, CEO at GoHenry Group, said. “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.”
Nexi, which merged with Danish paytech Nets last year, said this fund raise marks its 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.