Barclays buys GoHenry as part of mass affluent strategy

Barclays is acquiring youth money management app GoHenry as part of its strategy to deepen customer relationships.

With more than half a million customers, the app aims to help children build money habits, including saving, spending and investing, with built-in tools to allow parents to monitor and support.

GoHenry will be retained as a standalone app, with the GoHenry US business not included in the transaction.

Barclays said the acquisition was part of its strategy of deepening customer relationships, including with mass affluent households, a key battleground for banking currently.

The acquisition is intended to close in the final quarter of this year.

Vim Maru, CEO of Barclays UK, commented: “GoHenry has played a pioneering role in creating youth-focused financial services, building a market-leading brand for children thanks to its innovative all-in-one app.

“We’re excited to welcome GoHenry to Barclays, where it will turbocharge our offering for households and families. GoHenry supports our vision to offer a deep and seamless banking experience to customers through all of life’s big moments, whether opening a very first account, saving for retirement, and everything in between.”

Louise Hill, Founder of GoHenry, commented: “Our mission has always been to make every kid smart with money. Joining forces with Barclays gives GoHenry a platform to accelerate that mission in the UK. It also enables us to offer GoHenry members a pathway to continue their money journey when they hit 18 – because financial education shouldn’t have a start or end date. GoHenry isn’t going anywhere. What changes is our ability to do more.”