gohenry is expanding into Europe for the first time with the acquisition of Pixpay.
The London FinTech scaleup, which now has two million customers, offers prepaid Visa debit cards for kids as young as six.
In the last two years, Pixpay has established itself as the leader in teen banking in France and Spain, with 200,000 members. It opened in Spain in November 2021, less than two years after launching in France, and plans to expand into Italy and Germany later this year.
“We are delighted to be joining the GoHenry Group as we prepare to accelerate Pixpay’s expansion across Europe,” said Benoit Grassin, CEO at Pixpay.
“GoHenry’s experience and heritage will only serve to strengthen the already strong proposition offered by Pixpay.
“We look forward to building a strong, long-term relationship with GoHenry and we are excited about what the future holds.”
gohenry was founded in 2012 by COO Louise Hill to solve ‘card-nag’ – parents being asked to make purchases on behalf of their children.
Back in 2016, it broke records for the largest equity crowdfunding in the world on Crowdcube, raising £4 million – of which more than £1m came from its own customers. It then raised a further £6m via Crowdcube in 2018, with 3,000 investors taking part, around half of which were customers.
It then raised $40 million in its first institutional funding round, led by US growth equity firm Edison Partners with investment from Revaia, Citi Ventures and Muse Capital.
gohenry said the deal won’t affect its existing service.