Financial app dedicated to serving low-income and underserved communities Pockit has successfully raised over €9 million in a growth round led by Puma Private Equity, with participation from The North East Development Capital Fund, managed by Maven Capital Partners, and supported by the European Regional Development Fund.
Founded by CEO Virraj Jatania, with the mission to provide essential financial services to those who have been excluded by traditional banking systems. Pockit started as a prepaid card, evolving into a dynamic app offering an array of financial tools and services to its users. Among the services provided are current accounts, international transfers, income advances, credit-building tools, budgeting features, and cashback rewards.
The app has gained significant traction, amassing an impressive user base of more than 800,000 people primarily through word-of-mouth referrals. The platform has facilitated over 73 million transactions, processing over €4.5 million since its inception in 2015.
Pockit offers an inclusive approach, allowing anyone in the UK who cannot access basic financial services, to open a current account within minutes. Users can conduct international transfers, set up direct debits, deposit and withdraw cash in 27,000 stores across the UK, and make online and in-store purchases. Additionally, Pockit enables users to get an advance on their salary to help them cope with unexpected expenses.
Virraj Jatania, CEO and founder of Pockit emphasized the significance of the app’s mission. He stated, “For too long, low-income and underserved communities have been let down and left behind by financial services. At Pockit, we’re committed to not only opening doors for these people but giving them the tools and support they need to feel financially empowered.”
Beyond providing basic financial access to users, Pockit also offers credit-building features, budgeting tools, cashback rewards, and customer perks, allowing users to take control of their finances and improve their financial well-being. The cashback feature enables users to receive up to 10% cashback on purchases made at a growing number of high-street stores, including popular retailers like Primark, Argos, and Sainsbury’s. Pockit also facilitates money-saving opportunities by enabling users to switch their broadband and mobile accounts from within the app.
The recent funding round takes Pockit’s total raised capital to more than €45 million. The funds are set to help the company to expand its user base and diversify the product suite. While currently available in the UK, Pockit has ambitious plans to extend its services globally, further serving the underserved worldwide.
Kelvin Reader, Investment Director at Puma Private Equity, expressed confidence in Pockit’s potential impact, stating, “We believe Pockit’s services will become increasingly important in addressing financial exclusion across the UK and beyond, and we see tremendous potential thanks to its tech-powered, partnership-led approach.”
Read the orginal article: https://www.eu-startups.com/2023/08/london-based-pockit-secures-over-e9-million-to-democratise-financial-services-in-the-uk/
