What is GoHenry card design ?
GoHenry card design : GoHenry is an online application and debit card that was designed to assist children aged between six and 18 control their spending with intelligent financial planning as well as responsible expenditure. The app was introduced in 2012, and the UK-based company provides distinct parental controls, allowing parents and grandparents individually oversee their debit card purchases of every child.
GoHenry It is accessible both in both the U.S. and the U.K. it offers a free trial for one month after which it costs an annual $3.99 monthly cost for each child.In year 2018, the company announced its aim to expand its reach to 15 percent of the market that is addressable in both countries. This could mean 6.6 million child accounts worth more than PS2 million. The campaign raised more than PS6 million by the time the year ended.
Knowing the of GoHenry’s Crowdfunding World Record
GoHenry has had great success in securing funding from its co-founders and management team and also from an angel investor network which includes a number of big names from both public and private Internet companies.
The company also has enjoyed significant crowdsourcing success. It set a new record for equity crowdfunding in 2016 when it raised $5.7 million via Crowdcube. In 2018, the company set yet another record, raising $7.8 million, and of that more than $4 million was contributed by its users. At the time of the campaign’s crowdfunding in February of this year, GoHenry had 6,650 investors.
How the App How it Works
The app’s popularity is due to the desire of parents to keep track of their the spending habits of their children. Parents can sign into their goHenry account using an app on their mobile or through the company’s website to check the transactions of the linked debit cards. Visa debit cards provided to every child. Since only the funds that is on the card can be used, there’s no risk of accruing debt or incurring overdraft charges.
GoHenry allows parents to customize the rules for their children by setting weekly spending limits, limiting the areas where the card may be used, as well as locks and unlocking cards at any time. The built-in budgeting tools allow children see their financial records in graph format. You can also earn money by completing a pre-determined checklist that includes household tasks.
GoHenry’s CEO is GoHenry’s
GoHenry is currently run by the CEO Alex Zivoder, a London-based father of two. Before taking charge of the business three years after its inception, Zivoder held management positions at the online education firm Lynda.com and also served as a senior vice president of an online travel company Expedia Inc.
Steady Revenue Growth
According to the company’s Crowdcube page, GoHenry posted significant revenue increase in recent years. Its first period of significant growth occurred in 2016 when the company raked in PS6.1 million. By 2020, Go Henry posted over PS19 million.At the moment of writing Go Henry hasn’t disclosed plans to go public.
Consumer Criticism
On Trustpilot GoHenry’s average customer rating is 4 stars (as as of September. 2022). But the company isn’t without its critics. Of the 2,264 reviews that were posted one-third of customers judged GoHenry’s offerings as either poor or not satisfactory. The most frequent complaints included problems cancelling accounts and complicated technological tools for young children.
Challenges Ahead
GoHenry’s rivals include U.K.-based Osper and RoosterMoney, as well as Australia-based Spriggy. However, according Zivoder Zivoder the biggest obstacle for goHenry is creating awareness of the market.
Many people are unaware of the existence of this service. In reality, only a few potential customers actually search for these services on the internet.
As per Warren Mead, bank partner at KPMG, attracting new customers can be a struggle for any small business within the banking industry according to him “Just two percent of bank customers change their existing accounts every year, and 30% of them change their insurance coverage for their cars.”
The long-term viability of GoHenry is yet to be determined, however its growth in revenue and growing customer base suggest that it is likely to be profitable for the long term.
