Acorns Acquires Fintech Startup GoHenry

Micro-investing platform Acorns has acquired digital banking startup, GoHenry in an all-stock deal for an undisclosed value. GoHenry is a financial education company that offers a debit card and app for children aged 6 to 18. The card is linked to the app, which allows parents to track their child's spending in real-time and set spending limits or savings goals. GoHenry will become a wholly-owned subsidiary of Acorns, with employees and backers of the startup rolling over their equity. The fintech sector has been hit hard by inflation and rising interest rates, which have dampened sentiment around the market. Many publicly-listed fintech companies have seen a drop in share prices, and privately-held firms have seen their valuations sharply decline.