Barclays buys GoHenry

danny13579

Section62

I'd guess from age 11 there will be various nudges and incentives to switch to a Barclays account, getting more generous as they pass 17.

Yes, definitely. And also to the parents.

I'm not sure all young people only want an app-based bank. They might add an app-based bank, possibly make it their main bank account, but would they necessarily ditch Barclays completely once they've been a Barclays customer for a while?

I'm sure there are some young people who would prefer a long established legacy bank, but I think the majority live their lives through apps. They want a brand that's shiny and exciting. Not so stuffy that you can almost smell the mothballs off it. 🤢

An app that allows them to split bills on nights out with their mates, to sort their money into pots etc. They may open the accounts to get the bribes off Barclays, they may even keep the accounts open, but for day to day banking it's too old fashioned for them and lacks the functionality that they need.

lr1277

Back when I was a student, I thought student accounts were the way banks grabbed young potentially profitable customers over their lifetime.

So I googled: student bank accounts listed by number of cusomters?

(Yes Google came up with a result set despite my incorrect spelling).

I don't know how to show the results here.

The student current account offers seem somewhat less than I got with my first student account. The answer I saw also suggested about 4% of students use accounts from the likes of Monzo, which were obviously not available in my day.

Basically Barclays is 6th out of 6 in a list which didn't include Monzo.

danny13579

lr1277

So I googled: student bank accounts listed by number of cusomters?

The challenger banks don't offer student bank accounts. Only the legacy banks such as Barclays.

danny13579

The latest accounts from Go Henry are from 2024. It's a long read with a lot of jargon. They sold 3 subsidiaries in 2024 for almost £32m.

UK revenues: £35.3m

Gross Profit: £19.3m

Operating Loss: £22.1m

The company has an equity (value) of £45.9m (down from £64.3m in 2023).