Acorns acquires GoHenry

Wednesday 5 April 2023 12:15 CET | News

Saving and investing application Acorns has announced its acquisition of GoHenry, financial education firm, along with the European arm PixPay.

Following this deal, Acorn will accelerate its process of read mapping by offering kids, teens, and adults around the world the possibility to use money management and education tools. 

Acorn focuses on investing in products that offer parents, guardians, friends, and family the capability to easily invest in a child’s future throughout their life. The need to teach young people how to manage money in the digital world grows, as well as the expectations of parents to have safe and efficient solutions for the educational procedure to happen. This partnership aims to combine both of the companies’ services in order to make this possible.  

In the US, GoHenry will operate while using the name `GoHenry by Acorns`, while it will continue to operate under its own name in the UK. The same will happen to PixPay in the UK.  

Saving and investing application Acorns has announced its acquisition of GoHenry, financial education firm, along with the European arm PixPay.


GoHenry’s strategy and partnerships

Financial education application and prepaid debit card with an in-app feature, GoHenry was designed to offer kids, teens, and young adults the needed information and support on how to use and manage their money in a more effective and safe way. 

Its in-app financial education lesson Money Missions enhanced the real-life learning experience with an interactive, rewarding, and fun way for clients to build essential money skills. 

At the end of March 2023, GoHenry partnered with the environmental organisation World Wide Fund (WWF) to launch wild card designs. As per the press release, for each card sale on the limited-edition wild card designs, GBP 1 was set to be donated to WWF, for its extensive efforts to protect animals around the world. 

The deal between GoHenry and WWF planned the launch of five new card designs which had designs pictures of animals such as lions, leopards, koalas, pandas, and snow leopards. Customers had the possibility to personalise their child’s name on specific cards. They were made to be available for the duration of a year, with additional designs planned to be included later in the year. 

All the cards were printed on compostable polylactic acid (PLA), which was derived from field corn waste. While making use of the PLA to create the cards, 65% less energy and 68% fewer greenhouse gases were used, compared to conventional plastic. 

In December of 2022, the firm collaborated with custodian and platform technology provider Seccl in order to power a junior individual savings account (ISA) on its application. The prepaid debit card company had an API-powered junior stock and shared ISA for children aged from 6 to 15 years old following this partnership. 

The parents and customers were able to set up an ISA for their children faster and safer while contributing a minimum of USD 1,23 through automatic monthly payments, making one-off payments, as well as enabling friends, family, and acquaintances to contribute to it. 

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Keywords: acquisition, cash management, cash flow, risk management, spend management, online banking, digital banking, financial services
Categories: Banking & Fintech
Companies: Acorns, GoHenry
Countries: United States
This article is part of category

Banking & Fintech




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