Pockit, a London, UK-based provider of an app for low-income and underserved communities, raised $10m in growth funding.
The round, which brought total raised to $50m, was 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.
The company intends to use the funds to continue expanding its customer base and diversifying its product suite.
Founded by CEO Virraj Jatania in 2015, Pockit is building a financial platform featuring a secure, and transparently priced account, which allows customers to manage their money anywhere, anytime, online or with the app. Having started life as a prepaid card, the app now offers a growing number of services beyond current accounts, to international transfers, income advance, credit builder, budgeting and cashback. Since launch, Pockit’s user base has grown to more than 800k people largely through word of mouth and it has processed c. $5bn across 73m+ transactions. They can send and receive money internationally, set up direct debits, deposit and withdraw cash in 27,000 stores across the UK, make online and in-store purchases, and get an advance on their salary, should an unexpected expense arrive. Pockit is on a mission to serve the billions of people who have been left behind by traditional financial services.
FinSMEs
04/08/2023