LONDON—So-called child-focused fintech services, which are apps and banks designed to educate and teach children about finance, are growing even faster than the kids themselves.
Among the companies in the space, GoHenry, which more than doubled its revenue during the pandemic to $42 million in 2021 and amassed a consumer base of more than two-million in the U.K. and U.S., Euronews Next reported.
Now, GoHenry is hoping to conquer continental Europe with its acquisition of Pixpay, a leader in teen banking in France and Spain with nearly 200,000 members.
“We’re hugely excited to help further our mission to make every kid and teen smarter with money,” Louise Hill, cofounder of GoHenry told Euronews Next. “It allows us to expand into Europe for the first time and accelerate our growth.”
For Children as Young as 6
Launched in 2012, GoHenry is a financial education app and prepaid debit card targeted at 6-18 year-olds, featuring “gamified money lessons” with parental oversight.
Pixpay, meanwhile, offers an alternative to banks for children as young as 10. It offers them a Mastercard payment card and a mobile app enabling them to pay, get paid, save money or even get discounts on their favorite brands, Euronews Next added.
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