Financial debt is stressful. According to The Guardian, over 1.5 million UK families are experiencing this stress right now. With wages declining and credit card debt on the rise, household debts are expected to increase.
goHenry, a UK-based FinTech startup, works to help young people manage their finances using a digital family banking solution. Here’s how it works: parents or legal guardians set up two digital financial accounts (one for them, one for their child) via goHenry’s mobile application. The parent’s account is linked to the child’s separate financial account. The parent can then transfer monetary funds to their child’s account via a digital transfer. The funds transferred are loaded onto a pre-paid VISA debit card under the child’s name. Using parental controls, parents can monitor their child’s spending habits and set up restrictions on how much money is being spent, and where. Should the child try to make a purchase on a card with zero-balance, the purchase will be denied and no charges made.
It was, and is, popular. And that was part of goHenry’s problem: it was, and is, a very good idea.
The app exploded in popularity and began to experience slow run-times. They needed to run faster, so they turned to VMware Managed Virtualization through our VMware cloud partner, Rackspace. In using the VMware Virtualization solution, goHenry was able to re-focus on the big picture, providing new families with sound financial advice, and not get bogged down by IT issues.
“It’s impossible to focus on achieving large scale growth if you are constantly being distracted by day-to-day tasks which only maintain the business’ current status,” goHenry’s CEO, Alex Zivoder said. “This is one of the main reasons we chose a managed cloud solution, because I can trust our IT infrastructure will be run at a high standard by a team of Rackspace experts so I can concentrate on work that helps us progress towards our key growth goals.”
goHenry needed a cloud provider that offered an IT infrastructure that would grow with their business. Using VMware Managed Virtualization from Rackspace, goHenry is now able to grow without cloud constraints.
This makes VMware Managed Virtualization perfect for users in the fintech industry.
If you’re ready to find a service provider, visit us at CloudProviders.VMware.com. Remember to subscribe to the VMware Cloud Provider Blog, follow @vmwarecloudprvd on Twitter or ‘like’ us on Facebook for future updates.