GoHenry, the prepaid debit card and financial education app for kids and teens, has raised £50 million in its latest growth capital round.

Having more than doubled its revenue during the pandemic to $42m in 2021, the funding round follows its recent acquisition of Pixpay, the leader in teen banking in France and Spain, which marked its first steps into Europe. 

The funds, from existing investors Edison Partners and Revaia, alongside new capital from Italian paytech Nexi, will be used to grow GoHenry Group’s global presence, with plans for Pixpay to launch in Italy later this year. 

It will also fuel its product expansion, which has already seen GoHenry venture into the Junior ISA space in the UK and introduce in-app gamified money lessons called ‘Money Missions’ to further support the financial education of young people.

“Under the current market conditions, to have attracted investment from a leading PLC like Nexi is testament to the robust business we have built at GoHenry since we launched 10 years ago,” said Alex Zivoder, CEO at GoHenry Group. 

“As digital payments become the norm, more families are looking for solutions to help their kids and teens interact with and understand how to manage money in a cashless world. We’re delighted to welcome Nexi to our board and to have strengthened our relationship with Edison and Revaia with this raise as we collectively continue to transform financial education for kids and teens across the globe.”

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Quoted on the Milan stock exchange, Nexi merged with Danish paytech Nets last year, expanding into the Nordics and Germany, and consolidating into Europe’s largest payments processor with a presence in over 25 countries. 

Edoardo Giorgetti, head of the YAP innovation lab at Nexi, will join the GoHenry Group board of directors.

“We are very pleased to enter into this partnership which allows us to continue our journey beyond Italy to enable and educate the consumers of tomorrow by supporting the go-to-market efforts of GoHenry Group as it expands across Europe,” he said. 

“It also reflects our ambition to empower European FinTechs as a part of a broader market evolution towards embedded payments and pay-as-a-service propositions.”

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