Pockit Raises $10m to Expand App for Underserved Communities
Pockit, a London-based provider of an app for low-income and underserved communities, has recently raised $10m in growth funding. This funding round, led by Puma Private Equity, brings the total amount raised by the company to $50m. The North East Development Capital Fund, managed by Maven Capital Partners and supported by the European Regional Development Fund, also participated in the round. The funds will be used to continue expanding Pockit's customer base and diversifying its product suite.
Founded in 2015 by CEO Virraj Jatania, Pockit aims to build a financial platform that provides a secure and transparently priced account for its customers.
This account allows users to manage their money conveniently and easily, whether it's through the app or online. Initially starting with a prepaid card, the app has now expanded to offer various services, including international transfers, income advance, credit builder, budgeting, and cashback. With over 800k users and more than 73 million transactions processed, Pockit has experienced significant growth largely through word of mouth.
Pockit's app offers a range of features to its users, such as the ability to send and receive money internationally, set up direct debits, deposit and withdraw cash from numerous stores across the UK, make online and in-store purchases, and even get an advance on their salary. The company's focus is to serve the billions of people who have been excluded from traditional financial services, ensuring they have access to secure and convenient money management tools.
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