London-based fintech startup Pockit has recently secured over €9 million in funding to further its mission of making financial services accessible to all in the UK. The company aims to address the issue of financial exclusion, which affects a significant portion of the population, particularly those from low-income backgrounds.
Pockit offers a range of financial services, including a prepaid Mastercard and a mobile app that allows users to manage their money conveniently. The platform is designed to cater to individuals who may have limited access to traditional banking services or face difficulties in opening a bank account due to various reasons, such as a lack of credit history or identification documents.
The recent funding round was led by Target Global, a venture capital firm that focuses on technology companies. Other participants included existing investors such as Guinness Asset Management and SMT Investments. Pockit plans to utilize the funds to expand its customer base, enhance its product offerings, and invest in technology infrastructure to improve its services.
Financial exclusion is a pressing issue in the UK, with approximately 1.23 million people being unbanked, according to the Financial Conduct Authority (FCA). These individuals often rely on expensive alternatives such as payday loans or check cashing services, which can further exacerbate their financial difficulties. Pockit aims to bridge this gap by providing affordable and accessible financial services that cater to the needs of underserved communities.
One of the key features of Pockit’s offering is its prepaid Mastercard, which allows users to make purchases online and in-store, withdraw cash from ATMs, and receive direct deposits. The card can be topped up through various methods, including bank transfers and cash deposits at participating retailers. This flexibility enables users to manage their finances conveniently and securely, without the need for a traditional bank account.
In addition to the prepaid card, Pockit’s mobile app provides users with tools to track their spending, set budgets, and receive real-time notifications about their transactions. The app also offers features such as bill payments and international money transfers, further enhancing its utility for users.
Pockit’s success in raising significant funding reflects the growing demand for inclusive financial services in the UK. The company has already amassed a user base of over half a million customers, demonstrating the appeal of its offering. By leveraging technology and innovative solutions, Pockit aims to empower individuals who have been excluded from the traditional banking system, enabling them to take control of their finances and improve their financial well-being.
The recent funding will undoubtedly propel Pockit’s growth and enable it to reach even more underserved communities across the UK. As the company continues to expand its product offerings and enhance its technology infrastructure, it has the potential to make a significant impact on reducing financial exclusion and improving financial inclusion for all in the country.
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- Source: Plato Data Intelligence.