New funding and a new remittance service will allow users to send money to Eurozone countries.
Pockit, a mobile banking app that targets the underbanked, has received £2.9m of new funding.
The new capital is, according to TechCrunch, a bridge round before a planned Series B raise later in 2017. Joining the round are Kevin Reynolds, a partner at Bridgepoint Capital, Colin Harris, founder of Fresh Direct, and Stuart Middleton, former director of Card Factory.
The UK-based company has previously raised £10m and investors in earlier rounds include Concentric Ventures and former Manchester United manager, Sir Alex Ferguson.
The new funding will be used to roll out a remittance service which will allow Pockit’s 150,000 users to send money to Eurozone countries.
Countries outside Europe will be added to the service later in the year and will include the Philippines, India, Pakistan, Bangladesh, Ghana and Nigeria.
The company says the new remittance service will compete with more expensive providers in the market such as Western Union or Moneygram.
Founder Virraj Jatania said “By launching a low-cost remittance service Pockit is saving our customers money and providing a service that suits their lives. We expect it to be very attractive to our core customers who find it difficult to access conventional financial services for many reasons.”