Kid's pocket money app gohenry has completed a $40 million financing round led by US growth-equity firm Edison Partners with additional investment from Gaia Capital Partners, Citi Ventures and Muse Capital.

gohenry has built a community of more than 1.2 million parents and children, with the company doubling its customer base annually over the past six years and being profitable since March 2020.

The new money will be used to accelerate the expansion of gohenry's combined FinTech and EdTech solution across the US and for continued growth in the UK.

“For too long kids have been locked out of the digital economy and parents lacked the tools to help their children gain confidence with money and finances,” said Alex Zivoder, chief executive of gohenry. “This funding endorsement allows gohenry to accelerate its expansion and roll out yet more innovations to customers.”

Chris Sugden, managing partner of Edison Partners, who will now join the board of gohenry, said: “gohenry is catering to millions of parents who are looking to raise smart, financially literate children but are currently underserved by existing solutions.

“We look forward to realising gohenry's ambitions to improve the financial fitness of kids across the globe.”

Through the gohenry app, UK parents provided £98 million in pocket money in 2019 and their children were paid more than £2.2 million for completing tasks around the house.

In the same year, gohenry’s young customers donated more than £53,000 to gohenry’s UK charity partner the NSPCC.

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