Barclays to acquire GoHenry children’s debit card and money app
12 reported
Barclays has agreed to buy the UK business of GoHenry, a children's money management app, from US fintech company Acorns. The deal, for an undisclosed price, is expected to complete next year, and the app will remain branded GoHenry. GoHenry was founded in 2012 by British entrepreneur Louise Hill and offers prepaid debit cards with parental controls for children aged six to 18. About 500,000 children in the UK have GoHenry accounts, and the company has more than 2 million customers across France, Spain, Italy, the US and the UK. Barclays UK chief executive Vim Maru said the acquisition would "turbocharge" the bank's offering for households and families. The acquisition gives Barclays a bigger foothold in the youth banking market as UK banks compete with fintech rivals like Revolut and Monzo. Barclays told investors the deal would reduce its CET1 ratio by about five basis points but would not affect its financial targets for 2026 or 2028.
What’s reported
Barclays is buying the UK business of GoHenry from Acorns, which will retain GoHenry's US branch.
The price is undisclosed, and the deal is expected to complete next year.
GoHenry was founded in 2012 by British entrepreneur Louise Hill.
The app offers prepaid debit cards with parental controls for children aged six to 18.
About 500,000 children in the UK have GoHenry accounts.
The company has more than 2 million customers across France, Spain, Italy, the US and the UK.
GoHenry employs about 200 people.
Barclays UK chief executive Vim Maru said the acquisition would "turbocharge" the bank's offering for households and families.
Hill said the brand "isn't going anywhere" but can "do more" under Barclays' ownership.
The business was originally called PKTMNY, pronounced "pocket money," and was renamed after its first customer, an 11-year-old boy named Henry from Bristol.
Barclays told investors the acquisition would reduce its CET1 ratio by about five basis points and would not affect its financial targets for 2026 or 2028.
Shares in Barclays rose by nearly 5% on Friday.
Key figures
Vim Maru, Barclays UK chief executive
Louise Hill, founder of GoHenry
Benjamin Toms, analyst at RBC Capital Markets
Sources: The Guardian
