Reportedly, 20.2 million people across the UK can’t access basic financial services such as opening a current account in minutes. With Pockit, a financial super app for low-income and underserved communities, these people 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 even get an advance on their salary.
Plans to expand its product suite
Now, the London fintech startup, has raised $10 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.
With this round, the total funding raised by the company accounts for $50 million. Pockit will use the money to continue expanding its customer base and diversifying its product suite. Currently available in the UK, the company has ambitions to become the global financial champion for the underserved.
Virraj Jatania, CEO and founder of Pockit said: “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. It’s a problem that has been growing for years, and in the wake of the current economic climate, it’s only set to become more entrenched and more devastating for millions. We want to be the financial champion for those who need it most and this funding allows us to continue being there for even more people in many more ways.”
Kelvin Reader, Investment Director at Puma Private Equity said: “In the current economic climate it is more important than ever to support underserved communities and help low-income customers feel seen and supported. 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 and the fact its customers and its needs are so core to everything it does. We see huge potential in the business. It has a highly scalable business model, and this investment continues our track record of supporting companies with growth potential.”
David Nixon, Senior Investment Manager of Maven said: “We’re delighted to participate in Pockit’s latest funding round. The business has developed a disruptive FinTech platform genuinely improving the experience for vulnerable customers and promoting financial inclusion. Our initial investment enabled the business to open a Newcastle base, joining the city’s thriving digital cluster, and we look forward to working with Virraj and the local team to continue to build out their North East presence as the company continues its exciting growth journey.”
World’s most inclusive financial super app
Founded by Virraj Jatania in 2015, Pockit is on a mission to serve the billions of people who have been left behind by traditional financial services.
It goes beyond just opening the door to basic financial services and gives users the power and confidence to take control of their finances, improve their financial wellbeing through its credit building feature and budgeting tools, and cashback rewards and customer perks.
Pockit bridges the gaps by being the financial champion for those who need it most. Through partnerships with best-in-class providers of KYC, lending, money transfers and more, Pockit is able to balance accessibility with robust regulation, all while mitigating risk and being able to respond quickly and effectively to market changes and customer needs.
With Pockit, users get up to 10% cashback on purchases made in a growing number of high-street stores, including Primark, Argos, Sainsbury’s and more, while being able to save money by switching their broadband and mobile accounts from within the app.
Since launch, its user base has grown to over 800k people and has processed nearly $5 billion across 73 million transactions.
