In a dynamic stride towards financial inclusivity, Pockit, the UK-based fintech with a heart for disadvantaged communities, has just secured a monumental $10 million in a growth round. Formerly known for its prepaid card, Pockit has ingeniously transformed into a beacon of empowerment, now offering a comprehensive 'prepaid account' solution. From seamless international money transfers to cash withdrawals in 27,000 UK stores, this fintech marvel even offers salary advances.
Amidst the backdrop of the UK's financial landscape, Pockit's emergence shines as a beacon of hope. A recent PwC report underlines the glaring gap that leaves a third of the population without access to essential financial tools—current accounts, debit cards, or vital insurance. Pockit steps into this void, becoming a lifeline for those grappling with financial instability and a balm for the 12 million who find themselves without savings.
Puma Private Equity takes the lead in a transformative funding round, alongside The North East Development Capital Fund. This strategic infusion, fortified by the European Regional Development Fund, bolsters Pockit's resolve to broaden its horizons. The infusion of funds is set to fuel Pockit's mission to expand its user base and diversify its product suite, carving a wider path to financial empowerment.
Virraj Jatania, the visionary CEO and founder of Pockit, crystallizes the fintech's ethos. "For too long, low-income and underserved communities have been left to navigate financial obstacles alone. Pockit stands as their ally, committed not only to opening doors but to equipping them with the tools to command their financial destinies. The challenge has persisted for years, and as economic tides shift, its impact intensifies. This funding amplifies our commitment to be their financial champion, touching more lives in more meaningful ways."
Kelvin Reader, Investment Director at Puma Private Equity, echoes the sentiment of boundless potential within Pockit. "The business exudes a captivating scalability, and this investment seamlessly aligns with our legacy of propelling growth. Pockit's journey is a testament to its transformative capacity."
In the heart of financial innovation, Pockit emerges as a trailblazing fintech, casting a lifeline to those often overlooked by traditional financial avenues. With its newfound infusion of $10 million, Pockit strides forward, resolute in its commitment to empower, uplift, and redefine financial landscapes for low-income and underserved communities. As the world grapples with shifting economic tides, Pockit stands as a harbinger of hope, navigating the intricate web of financial empowerment with unwavering determination.