Pockit, a London, UK-based fintech company, acquired Monese a pan-European fintech company that offers money services.
Pockit and its shareholders, led by Puma Growth Partners (formerly Puma Private Equity), will make an equity investment of up to £15m to fund the integration and future growth of the business. Further financial terms of the deal – – subject to Change in Control approval by the FCA – are undisclosed.
The combined Pockit and Monese business will serve 3m customers and generate almost £30m in annualised revenue. In addition to this expansion, Pockit will benefit from Monese’s regulatory infrastructure (including electronic money and consumer credit licenses) and the operational synergies arising from the two businesses’ closely aligned customer bases, as well as their complementary product offerings and geographic footprints. The transaction will allow Pockit to accelerate the roll-out of new services, such as Monese’s multi-currency accounts, on top of an existing product suite that includes digital accounts, salary advance and credit-building.
There will be no impact on customers of either Pockit or Monese upon completion of the deal, with the two separate services continuing to run independently until a review and integration process has been completed.
Following completion of the acquisition, Pockit founder and CEO Virraj Jatania will lead the enlarged business. Norris Koppel, founder and CEO of Monese, will remain involved with the combined company post-completion to help ensure a smooth transition.
Founded in 2015 by Norris Koppel, Monese is a pan-European fintech that offers smart money services to millions of consumers across UK and Europe.
Pockit is a financial technology company providing financial services to more than 900,000 customers in the UK whose needs aren’t met by the traditional banking system. The company offers a digital account which is designed to provide customers with a range of essential financial services.
FinSMEs
10/10/2024