Barclays has agreed to buy children’s debit card and money management app GoHenry in a bid to “turbocharge” its youth banking offering and reach more affluent families.
It will acquire the UK business from American fintech firm Acorns, which will keep hold of GoHenry’s US division.
It expects to retain the GoHenry brand with its standalone app following the takeover, which is expected to complete towards the end of the year.
The companies did not disclose the price of the acquisition.
GoHenry, which was founded in 2012 by British entrepreneur Louise Hill, offers prepaid debit cards with parental controls and a money management app for 6-18 year-olds to save, invest and complete money lessons.
It serves around half a million UK children with a team of about 200 staff, and offers three plans costing £3.99 a month per child, £5.99, and £9.99.
Barclays said the acquisition will help it offer more to its customers including more wealthy households, while GoHenry said it means children can remain customers with Barclays once they reach 18 years old.
UK chief executive Vim Maru said: “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.”
GoHenry founder Ms Hill said the brand “isn’t going anywhere” but it can “do more” under Barclays ownership, adding: “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.”
