Positives
- prepaid debit cards are covered by Mastercard’s Zero Liability Protection
- client funds are held in segregated accounts, separate from the company’s operational funds
- mainly positive reviews with a 4.2 score on Truspilot
Potential Concerns
- Gohenry is not covered by the Financial Services Compensation Scheme (FSCS)
What is Gohenry?
Gohenry is a financial technology company that provides prepaid debit cards and accompanying mobile apps tailored for children and teenagers. Founded in 2012, Gohenry aims to teach children essential money management skills in a safe and controlled environment. Parents can set spending limits, monitor transactions in real-time, and allocate allowances or tasks through the app.
Gohenry cards are accepted wherever Mastercard is, enabling children to learn responsible spending habits.
Is Gohenry Safe – The Details
Regulation
The Gohenry cards are provided IDT Financial Services which are a regulated bank licensed by the Gibraltar Finanical Serviceas Commision. Gohenry’s junior ISA’s are provided by Gohenry Family Finance Limited which are regulated by the Financial Conduct Authority.
Protection/Insurances
Client funds are held in segregated accounts, separate from the company’s operational funds, reducing the risk of loss in the event of insolvency. Gohenry’s prepaid debit cards are covered by Mastercard’s Zero Liability Protection, offering protection against unauthorized transactions. Gohenry is not covered by the Financial Services Compensation Scheme (FSCS).
Risks
The Gohenry card functions on a prepaid basis only, thus purchases are only possible when there are funds.
However, as with any financial service such as credit cards there is the risk of potential fraud such as unauthorized transactions. Gohenry implements security measures to mitigate this risk. Secondly, parents may inadvertently face unexpected spend and fees if they don’t carefully manage their children’s accounts.
Company
Gohenry is privately owned by its founders and investors, as such there is no information available on the profitability of the company. The company was founded by Louisa Ziane, Alex Ziane, and Doug Muldoon in 2012.
Security and Personal Data
The platform employs advanced encryption protocols and secure servers to safeguard user information against unauthorized access. Additionally, Gohenry complies with data protection regulations such as GDPR, ensuring the confidentiality and integrity of users’ personal data. Parents can manage account access and monitor transactions through the app, enhancing control over their children’s financial activities.
Resources:
The Fintech Times
Trustpilot:
https://www.trustpilot.com/review/gohenry.com/uk
Reddit:
US Saving and Investing App Acorns acquires Gohenry
https://www.fintechfutures.com/2023/04/us-saving-and-investing-app-acorns-acquires-uks-gohenry
Summary – Is Gohenry Legit?
Gohenry is a legitimate financial technology company. GoHenry launched in 2012 in it claims to have more than two million members across the UK and US. In 2023 US saving and investing app Acorns has acquired Gohenry.