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US saving and investing app Acorns has acquired GoHenry, a UK-based financial literacy app for kids and teens, and its European arm Pixpay for an undisclosed sum.
Founded in 2012, Acorns allows Americans to save and invest for the long term. The firm’s app includes a retirement savings product, a bank account, automated investing in diversified portfolios, investing for kids and financial education tools. It claims more than 4.5 million customers have invested over $16 billion through its app so far.
GoHenry also launched in 2012 in the UK and offers prepaid debit cards and a financial education app for children. It claims to have more than two million members across the UK and US and recently rolled out its services in France, Spain and Italy through the acquisition of French fintech Pixpay in July last year.
Together, both firms will now serve over 6 million customers across the US, UK and Europe.
Noah Kerner, CEO of 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.”
GoHenry and Pixpay will continue to operate as before in the UK and Europe, while in the US, it will be known as GoHenry by Acorns.
Louise Hill, co-founder of GoHenry, adds it is “business as usual for our team and customers” in the UK and Europe, and that the acquisition will bring additional opportunities and boost the firm’s “global reach”.