goHenry breaks Crowdcube record with £3.99 million funding

The previous biggest deal was JustPark, which raised £3.5 million in 2015. goHenry is the 38th raise of more than £1million on the platform.

Founded by a group of parents, goHenry has already built up a loyal following of families with over 200,000 members and more than 10k joining every month. goHenry’s pre-paid debit card and app was designed to help young people learn good money habits whilst giving parents peace of mind and an easy way to manage pocket money and allowances.

The funds raised from 2,371 investors sharing 15.98 per cent equity in the business, which includes over 1,200 existing goHenry customers, will be used to develop goHenry’s product, continue its growth in the UK and to start overseas expansion in Europe. goHenry’s target market is the 25 million children in Europe and the UK that receive pocket money but face a digital and cashless future. goHenry helps this generation to navigate this future safely and supports parents in enabling good money habits in their children.

“goHenry is the latest in a wave of innovative fintech firms that are disrupting parts of the financial services sector and raising finance on Crowdcube. There is no doubt that crowdfunding is no longer alternative, with more established and growth-stage businesses turning to us to raise larger sums, often as part of Series B fundraises,” said Darren Westlake, co-founder and CEO of Crowdcube.

We are leading a charge to convince the EU to raise its limit on the amount of finance that any business can raise without a prospectus. If the 5 million Euro limit was lifted, goHenry could have raised significantly more investment to help it expand into Europe, preparing millions of children for a cashless digital future.”

Louise Hill, co-founder and COO of goHenry said: “We’re delighted to give the parents that love our product a chance to be a part of our future success too. We are a business that was built by parents so it’s only natural that it continues to be owned, managed and grown by parents as well. As our economies become increasingly cashless, and as purchasing moves online, children need to be able to manage their money in a digital age. The many parents who use goHenry feel it’s important that they have a tool that enables them to empower their children to learn good money habits  early on – to earn responsibly, to develop  good saving habits and to spend safely.”