American savings and investment app Acorns has acquired British kids' money management company GoHenry. Financial terms of the deal were not disclosed.
The all-stock deal covers GoHenry and its European arm Pixpay, giving the combined company nearly six million subscribers.
Founded in 2012, GoHenry provides a pre-paid debit card and financial education app for six to 18-year olds. The firm has around two million users, operating in the UK and US and - following the acquisition of peer Pixpay last year - also has a foothold in France, Italy and Spain.
Acorns says the deal strengthens its focus on financial wellness and kids, which began in 2020 when it launched Acorns Early, an investment product that lets parents, guardians, family and friends easily invest in a child's future—from delivery room to dorm room.
In the US, GoHenry - which raised $55 million in funding last year - will now operate as GoHenry by Acorns. In the UK & Europe, GoHenry & PixPay will continue to operate under their own brands.
Noah Kerner, CEO, Acorns, says: "GoHenry’s mission driven approach is perfectly aligned with Acorns, which we expect will help us accelerate our roadmap and deliver financial wellness to the whole family through all of life’s stages."
Last year, Acorns ditched plans to go public via a Spac and raised $300 million from private investors at a $1.9 billion valuation.