GoHenry, the UK-based provider of a pre-paid debit card and financial education app for kids aged from six to 12 years old, has expanded into Europe with the acquisition of French peer Pixpay.
GoHenry, which launched in the UK ten years ago and has since expanded to the US, claims more than two million users for its kids-focused fintech app. The firm says a pandemic-inspired shift away from cash helped it to double revenue to $42 million last year.
The acquisition of Pixpay will provide a launchpad into Europe and a product tilted at a slightly older teen-focused demographic.
Launched two years ago, Pixpay has amassed 200,000 users in France and Spain, for its teen-banking app. The company, which will continue to operate unders its existing brand following the acquisition, plans to expand into Italy and Germany later this year.
Alex Zivoder, CEO at GoHenry, says: “Pixpay is the most developed player in Europe and we’re excited to combine our expertise in financial education to accelerate not only GoHenry’s growth but to accelerate the financial fitness of even more kids and teens globally.”
Financial terms were not disclosed.