Gohenry, the US-based operator of an online financial educational service for children, raised $40m yesterday from investors including Citi Ventures, the corporate venturing arm of financial services group Citi.
Growth equity firm Edison Partners led the round, which also featured growth equity fund Gaia Capital Partners and seed-stage venture capital fund Muse Capital.
Founded in the UK in 2012, Gohenry combines a mobile app with a personalised debit card from partner Mastercard that helps users aged six to 18 learn how to spend and manage money responsibly. The service comes with parental controls, and Gohenry said it has been profitable since March this year.
Alex Zivoder, Gohenry’s chief executive, said: “In 2020, we have achieved three key milestones: becoming profitable which many [business-to-consumer] fintechs seek, raising $40m during covid-19, and partnering with world-leading funds. All three will help us fuel our US expansion.
“We are proud to partner with Edison Partners, Gaia Capital Partners, Citi Ventures and Muse Capital. Their endorsement allows Gohenry to accelerate its expansion and roll out yet more innovations to customers.”
The company had previously completed four equity crowdfunding campaigns on Crowdcube, raising $5.75m in 2016, $627,000 the following year, $8m in a November 2018 campaign valuing it at $74.5m, and $1.8m in September 2019.
