Barclays has agreed to buy children's debit card and money management app GoHenry in a bid to enhance its youth banking offering and reach more affluent families. The UK business will be acquired from American fintech firm Acorns, which will retain GoHenry's US division.
Acquisition Details
The takeover is expected to complete towards the end of the year. Barclays intends to keep the GoHenry brand and its standalone app. The companies did not disclose the purchase price.
About GoHenry
Founded in 2012 by British entrepreneur Louise Hill, GoHenry offers prepaid debit cards with parental controls and a money management app for children aged 6 to 18. Users can save, invest, and complete money lessons. The service serves around half a million UK children and employs about 200 staff. Plans cost £3.99, £5.99, and £9.99 per month per child.
Barclays said the acquisition will help it offer more to customers, including wealthier households. GoHenry noted that children can remain Barclays customers once they turn 18.
UK chief executive Vim Maru stated: “GoHenry has played a pioneering role in creating youth-focused financial services, building a market-leading brand for children thanks to its innovative all-in-one app. We’re excited to welcome GoHenry to Barclays, where it will turbocharge our offering for households and families.”
Founder Louise Hill added: “The brand isn’t going anywhere, but it can do more under Barclays ownership. It also enables us to offer GoHenry members a pathway to continue their money journey when they hit 18 – because financial education shouldn’t have a start or end date.”
