Pockit: The Fintech App Empowering Low-Income Communities Raises $10M
08/03/23, 4:04 PM
Location
londonMoney raised
$10 million
Industry
financial services
Investors
European Regional Development Fund, Maven Capital Partners, North East Development Capital Fund, Puma Private Equity
Fintech app for low-income and underserved communities, Pockit has raised $10 million in a growth round. Initially a prepaid card the UK-based fintech has moved its offering to include a ‘prepaid account’ from which customers 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’. Phew, what can’t it do? It stresses it is not a bank!
Company Info
Location
london, england, united kingdom
Additional Info
Over a million people in the UK still don't have a current account - they have often
been ignored by traditional financial services and miss out on what many consider an everyday norm, such as internet shopping. In this report we show that these people are having to pay up to an additional £485 per year through higher energy bills, phone contracts and more expensive loans - simply because they don't have a current account.