Southwark fintech start-up raises £3m

Southwark fintech start-up raises £3m

Southwark fintech start-up goHenry has raised over £3.74m to develop its digital banking solution which aims to help children enhance their money management skills.

goHenry is a digital banking solution that aims to help make your kids smarter at managing money than you are.

The company’s pre-paid debit card and app come with unique parental controls to help teach young people good money habits.

With over 200,000 users and on average 10,000 joining every month, KPMG & H2 Ventures previously named goHenry one of the world’s "Leading 100" FinTech innovators.

The company has seen revenue grow 470% over the last two years and is on target to achieve more than £5m of revenue this year.

By 2021 goHenry intends to have built a business with 2.4 million active child accounts in the UK and Europe, revenues of over £70m, and a 45% gross margin and 30% EBITDA margin.

In a bid to raise capital and continue its UK and international growth, the company headed up by entrepreneur Alex Zivoder, launched a crowdfunding campaign earlier this year to help raise £2m.

With five days remaining at the time of writing (1 June), the campaign has overfunded with a total of 2,334 investors pumping a total of £3,744,240 in the company so far.

In a statement, Zivoder said: “We're very grateful to everyone for their continued interest in our investment opportunity and we are excited about putting this capital to good use in growing the business.”

The team at goHenry are also celebrating a record breaking month, with over 12,000 parents and 17,000 children joining goHenry in April.

This has also been boosted by lots of discussions about the Crowdcube campaign translating into an increase in uptake of the firm’s refer a friend scheme.

See how goHenry works: