A tech firm created to help people left behind by traditional financial services has sealed a $10m investment round to spearhead growth.
Financial app Pockit was launched by chief executive Virraj Jatania in 2015 as part of a mission to help the growing number of people it says are 鈥渙ne emergency away鈥 from being in financial distress due to the cost of living crisis.
The company 鈥 which has its staff split across its head office in London and Newcastle 鈥 started as a prepaid card but now offers a number of services, allowing those who can鈥檛 access basic financial services to open a current account in minutes. Users can send and receive money internationally, set up direct debits, deposit and withdraw cash in 27,000 stores across the 海角视频, make online and in-store purchases, and get an advance on their salary if an unexpected expense arrives.
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Since its launch Pockit has processed around $5bn through more than 73m million transactions and has partnered with high street brands including Sainsbury鈥檚, Argos, Primark and JD Sports. Now the app has raised $10m in a 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.
The company launched its Newcastle base in the HiveTree offices, based in Cathedral Buildings in the Bigg Market, in 2021 and has since grown to employ 25 people in the city.
The Pockit team currently serves around 800,000 people in the 海角视频 but has ambitions to become a global financial champion for the underserved. The latest funding round takes the total raised by the company to $50m and the money will be used to expand its customer base and diversify its products.
Virraj Jatania, CEO and founder of Pockit said: 鈥淔or too long, low-income and underserved communities have been let down and left behind by financial services. At Pockit, we鈥檙e committed to not only opening doors for these people, but giving them the tools and support they need to feel financially empowered. It鈥檚 a problem that has been growing for years, and in the wake of the current economic climate, it鈥檚 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.鈥
Kelvin Reader, investment director at Puma Private Equity said: 鈥淚n 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鈥檚 services will become increasingly important in addressing financial exclusion across the 海角视频 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.
鈥淲e 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.鈥
David Nixon, senior investment manager of Maven said: 鈥淲e鈥檙e delighted to participate in Pockit鈥檚 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鈥檚 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.鈥
