Pockit: Revolutionizing Financial Services
London-based fintech Pockit has recently secured $10 million in funding to further its mission of democratizing financial services for low-income and underserved communities. Pockit, originally established as a prepaid card in 2014, has since evolved into a comprehensive financial super app aimed at inclusivity.
Over the past nine years, Pockit has developed a suite of products designed to cater to those who are not well-served by traditional banks. These offerings include current accounts, international transfers, income advance, cashback, and budgeting tools.
Empowering Underserved Communities
Pockit founder and CEO, Virraj Jatania, emphasizes the importance of providing financial empowerment to low-income and underserved communities. He states, ‘For too long, these communities have been let down by financial services. At Pockit, we are committed to opening doors and equipping them with the tools they need to feel financially empowered.’
Since its launch, Pockit has successfully gained over 800,000 users across the UK and processed approximately $5 billion in transactions. The fintech not only offers financial services, but also provides users with cashback rewards at popular stores such as Sainsbury’s and Argos. Additionally, Pockit users can enjoy perks when switching broadband and mobile accounts within the app.
Expanding Reach with New Funding
The recent funding round, led by Puma Private Equity and supported by The North East Development Capital Fund, has brought Pockit’s total funding to an impressive $50 million. Kelvin Reader, Investment Director at Puma, expresses the significance of supporting underserved communities during the current economic climate. He believes that Pockit’s innovative tech-powered approach and commitment to partnerships will play a crucial role in addressing financial exclusion throughout the UK and beyond.
Pockit aims to become the financial champion for those in need, and this new funding enables them to continue making a positive impact in the lives of even more individuals. With its user-focused services and dedication to providing support, Pockit is poised to reshape the landscape of financial services.
