Barclays to buy GoHenry kids’ debit card and money app
Summary
Barclays is buying the UK part of GoHenry, a company that offers prepaid debit cards and a money app for children. The deal, expected to finish next year, will help Barclays grow in the market for young customers and families.Key Facts
- Barclays will buy the UK business of GoHenry from US company Acorns, which keeps GoHenry’s US branch.
- GoHenry offers personalized debit cards and a money app aimed at children aged 6 to 18.
- About 500,000 children in the UK currently have GoHenry accounts.
- GoHenry was founded in 2012 by British entrepreneur Louise Hill and was sold to Acorns in 2023.
- The GoHenry brand will stay the same after the purchase by Barclays.
- The acquisition will help Barclays better compete with other banks and fintech firms targeting young customers.
- NatWest bought a similar children’s money app, RoosterMoney, in 2021 to serve the youth market.
- Barclays said the deal will slightly reduce its financial health ratio but won’t affect its financial goals for 2026 or 2028.
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