It was “really slow in the first couple of years...really, really slow.” GoHenry was an app and debit card for kids to help parents teach their kids about money. Dean started over a decade ago in 2012, when mobile was just truly taking off.
And yet, it took multiple years to get off the ground. Once he found the right channels and repeatable growth, he and his team started pouring fuel on the fire. In total, they raised over $100M.
He ultimately grew to 2 million paying customers. Earlier this year, they were acquired for an undisclosed sum in what is one of the bigger fintech M&A deals of the last few years.
Here's how it happened.
Why you should listen:
- Why even with millions of paying users, Dean speaks with a handful of customers one-on-one every week.
- Why timing is so important and how to spot trends early-on based on small things happening around you.
- How finding the right channels is key for consumer startups.
- Why Focus and clarity are key to maintaining a successful business.
Keywords
GoHenry, startup, acquisition, product market fit, customer feedback, financial education, kids debit card, scaling, marketing strategy, entrepreneurship
Timestamps:
(00:00:00) Intro
(00:1:34) The Beginning of GoHenry
(00:5:57) Why I talk to users every week
(00:11:22) You Grow by Learning Faster than Your Competitors
(00:26:50) V1 of GoHenry
(00:35:26) Getting to 10,000 Customers
(00:38:33) Conversion Rates from Social Media
(00:41:51) Getting Acquired
(00:50:59) Finding Product Market Fit
(00:51:33) One Piece of Advice
Send me a message to let me know what you think!
