A smartphone app designed to teach young people about managing money in an increasingly cashless world has raised £4.5 million through a crowdfunding round.

The gohenry pocket money management tool was created to help parents teach kids (ages 6-18) how to earn, save, spend and learn about money.

The Hampshire-based tech start-up launched a crowdfunding campaign to raise £2 million through Crowdcube and has now exceeded its target by more than 200 per cent.

At the time of publishing, gohenry had attracted cash from over 1,400 investors on the platform, raising £4.5 million.

Founded in the UK by three parents in 2011, gohenry's digital solution is now used by more than 550,000 parents and kids in Britain and the US.

The firm was ranked the 8th fastest-growing company by revenue in the Sunday Times Tech Track 100 2018 league table, having grown turnover from £2.8 million in 2016 to £6.1 million last year.

Armed with additional funding, the business is aiming to capture 15 per cent of the UK and US addressable market, accounting for 6.6 million child accounts.

Gohenry is led by chief executive Alex Zivoder, a tech veteran with 17 years of experience scaling disruptive technology and eCommerce B2C companies including Lynda.com, Viagogo, Expedia and Tele2.

The senior management team also includes co-founder and COO Louise Hill; Dean Brauer, co-founder and EVP North America; product director Richard Jones; CMO Tom Mansbridge; CTO Jeff Faubel; head of finance Renold Tuscano; and David Roche, executive chairman.

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