Barclays buys youth money management platform GoHenry
LONDON, June 12 (Reuters) - Barclays BARC.L has agreed to buy GoHenry, a money management platform for six- to 18-year-olds, the British bank said on Friday, as it seeks to attract more business from wealthy households in its home market.
Digital platform GoHenry, launched in 2012, allows children to save and invest via an app under parental supervision, as well as spend via prepaid cards. More than half a million children use GoHenry in the UK, Barclays said.
Barclays did not disclose financial terms, but said the deal would reduce its core capital ratio by 5 basis points on completion.
GoHenry parent company Acorns will retain the GoHenry business in the United States, Barclays added.
