British money transfer start-up Pockit attracts £15 million crowdfunded venture capital
Plucky British start-up Pockit was one of the firms whose business was impinged by fraudulent German payment processor Wirecard. Now, Pockit has bounced back with a strong investment by a Future Fund-backed crowdsourced VC
Pockit, a UK fintech that provides financial services to underserved customers, has raised £15 million, including £500,000 from a Future Fund-backed crowdfunding campaign.
Pockit offers its 500,000+ users access to a current account, featuring a pre-paid debit card, international money transfers and direct debits..
The £15 million Series B funding round came from a mix of existing investors and some new investors and brings total funding raised by Pockit to £27 million since inception.
Investors in the crowdfunding campaign, hosted by Crowdcube, will receive a Convertible Loan Note, with an 8% annual interest. The money raised in this round will be matched by the Future Fund, the funding scheme designed by the UK government and delivered by the British Business Bank.
Virraj Jatania CEO & founder of Pockit, says: “Since its launch Pockit has helped over half a million customers to take control of their financial affairs, many of whom never previously had a current account that let them shop online or make contactless payments. The time to accelerate is right now; the COVID recession and the end of furlough schemes will disproportionately affect the financially underserved. Some 12 million people in the UK need a solution urgently, and we believe Pockit is that solution.”
Pockit was one a clutch of startups caught short by the FCA’s freezing of distressed German payment processor Wirecard earlier this year. The firm last month completed the migration of the payment services and functions that underpin the Pockit accounts and operations to PayrNet Limited, a wholly owned subsidiary of Wirecard UK acquirer Railsbank.
