Barclays has bought the UK arm of children's debit card and money management app GoHenry in a bid to 'turbocharge' its youth offering and attract more affluent families.
The bank will acquire the UK business from American fintech firm Acorns, which will keep hold of GoHenry’s US arm.
Barclays expects to retain the GoHenry brand with its standalone app following the takeover, which is expected to be completed towards the end of the year.
Launched in 2012, GoHenry boasts around 500,000 users and offers children access to a debit card and uses gamified financial literacy lessons to teach children about interest rates, inflation, stock markets and cryptocurrency.
It is run by a team of around 200 employees and powered by a cloud-based tech platform.
