• Pockit is the financial champion for those who need it most; a super app that lets low-income and underserved groups access tools they need to achieve financial stability
• Having started life as a prepaid card, the app now offers a growing number of services from current accounts, to international transfers, income advance, credit builder, budgeting and cashback 
• Since launch, Pockit’s user base has grown to more than 800k people largely through word of mouth and it has processed c. $5bn across 73m+ transactions 

London, 3^rd August: Pockit – the financial super app for low-income and underserved communities – 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.

Having started life as a prepaid card, Pockit now allows anyone – including the 20.2 million people across the UK who can’t access basic financial services – to open a current account in minutes. They 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, should an unexpected expense arrive. Founded by CEO Virraj Jatania in 2015, Pockit is on a mission to serve the billions of people who have been left behind by traditional financial services. 

Without access to such financial services, managing finances becomes more difficult and less secure – compounding an already widespread problem of financial instability for many. While the very people who stand to benefit most from being part of our digital society are left on the outside. Simple things such as being able to shop around online for cheaper prices, and getting discounts for paying by direct debit, to vital services like storing your salary somewhere safe and secure just aren’t available. 

Pockit has been built to finally break down these barriers and put these customers first. 

Cost of living 

Pockit goes beyond just opening the door to basic financial services, though. It gives users the power and confidence to take control of their finances; to improve their financial wellbeing through its credit building feature and budgeting tools, as well as cashback rewards and customer perks. 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. 

In this way, Pockit’s appeal stretches far beyond underserved communities and brings significant benefits to anyone impacted by the cost of living crisis, inflation or anyone looking to make their money go further. 

A recent report found that six in ten low-income households in the UK in 2023 are not able to afford an unexpected expense, and over half are in arrears. Over seven in ten families are going without essentials. Yet almost a third of the population can’t access current accounts, use debit cards, get insurance or easily access vital tools needed to improve such financial stability. At the same time, around 12 million are reported to have no savings. 

The reasons are wide and complex, from poor credit scores and a lack of correct paperwork, to legacy systems, and the fact such customers aren’t seen as a priority for financial incumbents. This requires a dedicated, agile and tech-powered approach like Pockit. 

Financial champion for those who need it most 

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. 

Since launch, Pockit’s user base has grown to more than 800k people, largely through word of mouth, and has processed c. $5bn across 73 million transactions. The current funding round takes the total raised by the company to $50m and the money will be used to continue expanding its customer base and diversifying its product suite. Pockit is currently available in the UK but 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.

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About Pockit

At Pockit, we are building the world’s most inclusive financial super app. We believe that financial products and services should be for everyone, especially those sidelined by traditional high street banks. Our customers enjoy the latest features of modern-day digital finances, with none of the headaches. Pockit accounts are simple to use, secure, and transparently priced. Our customers can manage their money anywhere, anytime, online or with the Pockit app. Find out more about us at www.pockit.com 

About Puma Private Equity

Puma Private Equity is a leading provider of growth capital to SMEs across all sectors and regions of the UK, delivering investments between £2 million to £10 million.  Puma Private Equity takes a highly active approach to value creation, partnering with management teams to help drive up equity value through expansion and professionalisation. Further information on Puma Private Equity can be found at www.PumaPE.co.uk . Puma Private Equity is the private equity division of Puma Capital Group.

About Maven Capital Partners UK LLP       

Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £500 million in British businesses since 2009. Headquartered in Glasgow, and with eleven offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has £660 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors. www.mavencp.com 

About The North East Fund

The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023.  The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland and County Durham.  The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs.  The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers.  Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org 

The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds.  It is jointly owned by the seven North East local authorities.

About the European Regional Development Fund

The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.  The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund.  Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding .

About the European Investment Bank

The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme.  The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.  For more information, visit: http://www.eib.org/about/index.html