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goHenry

The bank account for kids, designed by parents

Sector: Futurebank
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At last-an easy (and fun) way to pay pocket money, and teach your kids good money habits. goHenry is a Pre-paid, Pocket Money Card and App with unique parental controls, for young people aged 6 to 18.

goHenry helps young people learn how to manage money responsibly under the guidance of their parents. Combining web and mobile apps, with a Prepaid Debit Card with Parental Controls, goHenry gives 6 to 18 year olds hands on experience of managing money within a safe and controlled environment.

Set up by a small group of parents and friends, unable to find the right tools to teach their own children about money. In the time that has passed since our first members joined goHenry, we have developed to incorporate more and more features, making it an invaluable tool for young people and their parents – 80% of whom tell us it’s helped their children become more financially responsible.

In 2016, goHenry saw incredible success with our Crowdfunding campaign with Crowdcube. Our original target was £2million which we reached during the first 48 hours after we opened our funding round to our members. It has been great to see how many parents believe in goHenry so much that they wanted to become our investors too. We raised £4 million in total, happily exceeding our expectations.

goHenry is designed to create a way for kids to build financial independence and responsibility – all whilst being safely and remotely overseen by their parents. Parents set up an online bank account, with their children’s account linked to their own. Children have their own debit cards, which they can use within the parameters parents set. Due to the careful rules, there is no risk of the children going into debt or overdrafts, and parents can limit where the debit cards are used (both online and in shops), as well as immediately block the cards if they get lost or stolen.

This is the first digital banking company aimed specifically at families. Visa debit cards and mobile banking apps are specifically designed for children as young as 6, resulting in safeguards that aren’t available with other leading debit cards, which usually have a minimum age of 11 for their users. Children have the chance to learn about responsibility and finances in their own way through a number of unique opportunities offered, such as choosing themselves how much to save each week or doing set chores to earn extra money. Parents receive real-time spending notifications and can view their children’s earning, saving and spending habits with ease on both mobile and web applications, giving them unparalleled control.

With 78% of children in the UK alone receiving pocket money, and similar figures in North America and Europe, there is a large potential audience, especially by decreasing the minimum age. With over half a million users in the UK alone already, goHenry has the potential for a lot of future growth.

goHenry raised £3.99 Million in equity crowdfunding in June 2016, opening up the possibility for parents to invest in a tool they can use for themselves. They plan to further develop their product, as well as move it into the European market.

 

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