Pockit raises $10m in a growth round led by Puma Private Equity to expand its user base and product suite.
Puma Private Equity led the growth financing for the financial super app, which will fund product diversification and customer acquisition.
Pockit operates a financial super app providing digital accounts and money management tools aimed at low income and underserved communities. The platform offers current accounts, international transfers, credit building utilities and budgeting features.
Pockit has secured $10m in a growth financing round led by Puma Private Equity, with additional backing from The North East Development Capital Fund. The company intends to direct the fresh capital towards scaling its customer base and broadening its suite of financial products.
Launched to address financial exclusion, the London based fintech provides accessible banking services including current accounts, salary advances and credit building tools. The latest injection brings total funds raised by the company to $50m as it continues expansion across the United Kingdom and looks towards international markets.
From the founder
"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."
Virraj Jatania
CEO at Pockit
Investor perspective
"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."
Kelvin Reader
Investment Director, Puma Private Equity
Use of funds
- 01Continue product development
Investors
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About the company
Pockit
Pockit provides digital banking services for low income and financially excluded groups.