Investing.com -- Barclays announced today it will acquire GoHenry, a financial management platform designed for children aged six to 18, as the British bank works to expand its customer base among affluent families in the United Kingdom.

GoHenry, which started operations in 2014, provides children with tools to save and invest through a mobile application while parents maintain oversight. The platform also offers prepaid cards for spending. The service currently has more than 500,000 child users across the UK, according to Barclays.

The bank did not reveal the purchase price for the transaction. Barclays stated the acquisition will decrease its core capital ratio by 5 basis points when the deal closes.

Acorns, the parent company of GoHenry, will keep control of GoHenry's operations in the United States, Barclays said.