Barclays has agreed to acquire GoHenry, the U.K.-based financial literacy app geared toward children, the bank announced last week.
The transaction is set to close in the fourth quarter, though the value of the deal was not disclosed.
GoHenry lets kids as young as age 6 set savings goals and complete money lessons. It also offers prepaid debit cards with parental controls and allows family members to open junior individual savings accounts.
U.S. fintech Acorns, which bought GoHenry in 2023, will retain GoHenry’s U.S. business, according to a Friday press release.
“Our mission has always been to make every kid smart with money. Joining forces with Barclays gives GoHenry a platform to accelerate that mission in the U.K.,” Louise Hill, GoHenry’s founder, said in a statement. “GoHenry isn’t going anywhere. What changes is our ability to do more.”
Barclays intends to retain the GoHenry brand and stand-alone app, the bank said.
By buying GoHenry, Barclays adds a platform that serves more than 500,000 children in the U.K. The transaction “accelerates Barclays’ strategy to deepen customer relationships, including with mass affluent households,” the bank said Friday.
Vim Maru, Barclays’ U.K. CEO, said the deal would “turbocharge our offering for households and families.”
“GoHenry supports our vision to offer a deep and seamless banking experience to customers through all of life’s big moments, whether opening a very first account, saving for retirement, and everything in between,” Maru said.
The transaction is expected to reduce Barclays’ common equity tier 1 ratio by roughly five basis points once the deal closes. The deal will not affect financial guidance or targets for the bank in 2026 or 2028, according to the release.
Barclays and Acorns are “exploring other ways to collaborate to better serve our customers,” the bank said.
Meanwhile, Noah Kerner, Acorns’ CEO, said his company would “double down on growing the leading financial wellness app for American families.”
“Selling the GoHenry UK business to Barclays allows GoHenry to serve many more UK kids and further its important mission,” Kerner said.
