Acorns, the popular micro-investing app, has recently announced its acquisition of GoHenry, a UK-based fintech company that offers financial education and banking services for children and teenagers. This strategic move is expected to strengthen Acorns’ position in the financial industry and expand its customer base.
Acorns was founded in 2012 with the mission of making investing accessible to everyone. The app allows users to invest their spare change from everyday purchases into a diversified portfolio of stocks and bonds. With over 8 million users and $3 billion in assets under management, Acorns has become one of the leading players in the micro-investing space.
GoHenry, on the other hand, focuses on financial education and banking services for children and teenagers. The company offers a prepaid debit card and a mobile app that parents can use to teach their kids about money management and budgeting. GoHenry has over 1 million users in the UK and the US and has raised over $50 million in funding since its launch in 2012.
The acquisition of GoHenry is a strategic move for Acorns as it allows the company to expand its customer base to include families with children and teenagers. By integrating GoHenry’s financial education and banking services into its platform, Acorns can offer a more comprehensive suite of financial products to its users.
Moreover, the acquisition is expected to enhance Acorns’ brand image as a socially responsible company that promotes financial literacy and inclusion. GoHenry’s focus on financial education aligns with Acorns’ mission of democratizing investing and empowering individuals to take control of their finances.
In a statement announcing the acquisition, Acorns CEO Noah Kerner said, “We’re excited to welcome GoHenry to the Acorns family and to work together to help families raise financially literate children. This acquisition is a natural fit for us as we continue to expand our mission of making financial wellness accessible to all.”
The financial terms of the acquisition were not disclosed, but it is expected to close in the second half of 2021. GoHenry will continue to operate as a standalone brand, and its management team will join Acorns.
Overall, the acquisition of GoHenry is a strategic move for Acorns that is expected to strengthen its position in the financial industry and expand its customer base. By integrating GoHenry’s financial education and banking services into its platform, Acorns can offer a more comprehensive suite of financial products to its users and enhance its brand image as a socially responsible company.
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