GoHenry, the pay as you go debit card and monetary schooling app for youths aged 6-18, has acquired French fintech Pixpay in a deal that may see the monetary schooling pioneer broaden into Europe for the primary time.
10 years after it launched within the UK creating a brand new class in monetary companies, this new deal will allow GoHenry to quickly broaden its two million plus UK and US member base and speed up development throughout Europe as the corporate seeks to ship on its mission to make each child good with cash.
Having greater than doubled its income in the course of the pandemic to $42million in 2021, the acquisition follows a profitable $40million fundraising in 2020 to speed up its management place within the UK and growth into the US. Buyers embrace French entrepreneurial development fairness funding fund Revaia, US growth-equity fund Edison Companions, Citi Ventures, and Muse Capital.
In simply two years, Pixpay has established itself because the chief in teen banking in France and Spain, with practically 200,000 members. Its opening in Spain in November 2021, lower than two years after its business launch in France, embodies its ambition to turn into a key participant in Europe. Pixpay has plans to broaden into Italy and Germany later this yr. To assist its launch, Pixpay has raised greater than €11million since April 2019 from the funding fund World Founders Capital and BPIFrance by way of its Digital Enterprise division.
Alex Zivoder, CEO at GoHenry, feedback: “10 years in the past we noticed a possibility to present younger individuals entry to the digital economic system. Since then we’ve regarded to rework monetary schooling for youths, teenagers and their mother and father by means of our groundbreaking monetary schooling app and debit card to assist youngsters internationally achieve confidence with cash and funds.
“Pixpay is probably the most developed participant in Europe and we’re excited to mix our experience in monetary schooling to speed up not solely GoHenry’s development however to speed up the monetary health of much more youngsters and teenagers globally. This deal marks a big chapter for the way forward for monetary schooling.”
Benoit Grassin, CEO at Pixpay, says: “We’re delighted to be becoming a member of the GoHenry Group as we put together to speed up Pixpay’s growth throughout Europe. GoHenry’s expertise and heritage will solely serve to strengthen the already robust proposition supplied by Pixpay. We look ahead to constructing a powerful, long-term relationship with GoHenry and we’re enthusiastic about what the longer term holds.”
GoHenry and Pixpay will proceed to function underneath their very own manufacturers with no change in management, headquarters or headcount. The acquisition will as a substitute enable each corporations to speed up their development by executing synergies in data and useful resource that may unlock funds to reinvest within the monetary schooling of youngsters and teenagers.
As a part of its dedication to monetary schooling, GoHenry not too long ago launched its first Junior ISA, launched in-app gamified cash classes, ‘Cash Missions’, and continued to champion the significance of monetary literacy by means of its membership of The Centre for Monetary Functionality. Alongside accountancy agency Wilson Wright, the corporate additionally commissioned CBI Economics evaluation in March this yr calling on the UK Authorities to work with trade to prioritise monetary schooling from a younger age.