Pockit app raises $10m to bring financial stability to underserved communities

London-based fintech Pockit has raised $10m to democratise financial services for low-income and underserved communities.

The fintech, which aims to help those who are not well-served by traditional banks, started life as a prepaid card back in 2014.

It has evolved over the past nine years as it works towards becoming “the world’s most inclusive financial super app”, and now has a suite of products that include current accounts, international transfers, income advance, cashback and budgeting.

“For too long, low-income and underserved communities have been let down and left behind by financial services,” Pockit founder and CEO Virraj Jatania said. 

“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.”

Since launching, Pockit has amassed more than 800,000 users across the UK and processed around $5bn.

Alongside offering a range of financial services, Pockit gives users cashback at a number of stores, including Sainsbury’s and Argos, as well as other perks when they switch broadband and mobile accounts within the app.

“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,” Jatania added.

The raise, led by Puma Private Equity  and with participation from The North East Development Capital Fund, brings Pockit’s total funding to $50m.

“In the current economic climate, it is more important than ever to support underserved communities and help low-income customers feel seen and supported,” Puma investment director Kelvin Reader said. 

“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.”