With the acquisition of GoHenry, a financial education app based in the United Kingdom, the American Acorns lands in Europe, the first stage of its internationalization strategy (with one foot also in Italy). But above all, it creates a group that is a candidate to become a global leader in personal finance, focused on young and very young people, and in financial literacy: a hub with an estimated value of over two billion dollars and six million customers on both sides of the Atlantic .
Details of the deal were not disclosed. But in the $300 million funding round a year ago Acorns was valued at $2 billion. GoHenry did not disclose its valuation last October in the $55 million round, but the valuation would be between $250 million and $500 million. If these figures were confirmed, it would be the largest M&A operation between two fintech start-ups, at a time when there is great difficulty in funding. Acorns itself canceled its listing plans through Spac on Wall Street in early 2022.
The US company was born ten years ago focusing on millennials, to then open its services to younger people: in addition to having expanded the offer of personal finance to investments and debt management, it has introduced a product aimed at children. Acorns Early, launched three years ago, allows kids to start managing their own money and parents and families to invest in the future of the youngest in a simple way.
In turn, GoHenry – which allegedly took its name from the first minor client – has aimed since birth at the target of minors between six and 18 years of age. Who today have at their disposal a prepaid debit card, managed under strict parental control, and a financial education app connected to the card. The British start-up, which had already landed in the United States in 2018, acquired the French PixPay last summer, active in the same customer segment.
In turn, the French start-up has landed in Italy with ambitious development plans. GoHenry and PixPay will continue to operate their brands in Europe. Thanks to the operation, the new group, which prides itself on providing complete financial services from birth to old age, focuses on a complete offer for children, teenagers and adults that provides the best tools for learning to manage money in simple and autonomous way in every phase of one’s life.