Pockit Announces New Funding Round
- 04 Aug, 2023
13/02 – Weekly Fintech Recap
- 13 Feb, 2023
Pockit
Description
Pockit is building the world’s most inclusive bank. Pockit was founded in 2014 with a mission to make a better current account for customers left behind by high street banks — who are excluded and underserved.
Overview
| Type: | Private |
| Funding Status: | Series A |
| Foundation year: | 2014 |
| Location: | London, United Kingdom |
| Number of employees: | 51-100 |
| Founders: | Virraj Jatania |
| Website: | http://www.pockit.com |
Target geographic market:
Europe (in the 31 EEA member states)
Awards:
The Card and Payments Awards 2016: Best Prepaid Product of the Year (February 2016); The Spectator Economic Disrupter of the Year Award 2018
About Product/Service
| Products | UK current accounts with sort code, debit cards, prepaid cards |
|---|---|
| Core product offerings for individual/retail customers | Pockit Card |
| Regulators/Compliance | POCKIT LIMITED is authorized and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Ref: 900855) for the issuing of electronic money |
| Pricing | £0,99/mo |
| The Base Currency | GBP |
| Number of Currencies Supported | single currency: GBP |
| Openning a current account (business and personal) | Pockit Card (MasterCard) can be ordered together with Current Account. Virtual cards are not available. Pricing Plans Current Account is offered with a single pricing plan for all customers. |
|---|---|
| Issuing physical card and delivery | Card delivery fee (basic): £0.99; Card delivery fee (standard): £3.99; Card delivery fee (express): £9.99 |
| Money transfers/payments | Online Payments Fee: free. In-store Payments Fee: free |
| Currency exchanges | 4% |
| ATM withdrawals | In the UK: 0.99 GBP; Outside the UK: 2.99 GBP |
| Other | Card Provider: Mastercard. POCKIT do not conduct operations with cryptocurrencies. |
| Minimum USD deposit required to open (a) a personal account (b) a business account | No minimum balance required |
| (a) a personal account | Yes |
| (b) a business account | No |
Funding rounds
| Last Funding Date | Jan 1, 2018 |
|---|---|
| Last Funding Amount | £4M |
| Last Funding Type | Series A |
| Total Funding Amount | £11.1M |
| Number of Funding Rounds | 5 |
Financials
| Customer/Products segments | UK current accounts with sort code, debit cards, prepaid cards to individuals |
|---|---|
| Key product offering | UK Current Account, debit card |
| Banking license | No |
| Type of customers | Individuals |
| Estimated revenue | $10M to $50M |
| Number of investors | 6 |
| Number of lead investors | 1 |
| Names of lead investors | Concentric |
Tech stack
| Devices supported | Android & iOS |
|---|---|
| Languages | English |
Competitors
| Founding Date | Type | Tags | |
x Metro Bank Metro Bank plc is a retail and commercial bank... | 2010 | Private | Challenger banks, fintech |
x Alpian Alpian is an innovative Swiss financial services... | 2019 | Private | Challenger banks, fintech |
x Delo Bank Online bank for small enterprises | 2018 | Challenger banks, fintech | |
x Northrow Northrow helps businesses manage regulatory and... | 2010 | Private | NorthRow |
x first direct first direct is a leading UK bank providing... | 1989 | Private | Challenger banks, fintech |
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