Barclays buys children's debit card firm GoHenry in a bid to attract more affluent families
Barclays has bought the UK arm of children's debit card and money management app GoHenry in a bid to 'turbocharge' its youth offering and attract more affluent families. The bank will acquire the UK business from American fintech firm Acorns, which will keep hold of GoHenry’s US arm. Barclays expects to retain the GoHenry brand with its standalone app following the takeover, which is expected to be completed towards the end of the year. Launched in 2012, GoHenry boasts around 500,000 users and offers children access to a debit card and uses gamified financial literacy lessons to teach children about interest rates, inflation, stock markets and cryptocurrency. It is run by a team of around 200 employees and powered by a cloud-based tech platform. GoHenry said the deal would enable its young customers to remain customers with Barclays once they reach the age of 18. Deal: Barclays has acquired the UK arm of children's debit card and money management app GoHenryBarclays and Acorns are also 'exploring other ways to collaborate' to better serve our customers, Barclays said. Read More Gen Z are investment-curious and are set to turn Britain away from being a nation of savers The deal will not affect financial guidance or targets for Barclays Group or Barclays UK for 2026 or 2028, the banking group said. Vim Maru, chief executive of Barclays UK, 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 supports our vision to offer a deep and seamless banking experience to customers through all of life’s big moments, whether opening a very first account, saving for retirement, and everything in between.'According to research by GoHenry this month, children aged seven to 18 now receive £9.90 a week in pocket money, up from £9.78 last year.This 1.2 per cent increase lagged behind the 2.8 per cent inflation rate recorded in April, suggesting that parents may be feeling the effects of ongoing financial pressures.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
Share or comment on this article:
Barclays buys children's debit card firm GoHenry in a bid to attract more affluent families
