Maven Capital Partners has invested £2 million into Fintech platform, Pockit, on behalf of the North East Development Capital Fund, supported by the European Regional Development Fund. The investment is part of Pockit's £7.4 million funding round, with £5.4 million secured via private investors and Puma Private Equity.
Since launch, Pockit’s user base has grown to more than 800,000 people and has processed more than £2.7 billion in transactions. Maven initially backed the business in 2021, to help facilitate the opening of its Newcastle base and embark on a recruitment drive to grow its local team.
Today’s transaction will enable the business to expand its customer base and diversify its product suite as well as develop its current North East operation in Newcastle’s thriving Fintech hub.
Founded by CEO Virraj Jatania in 2015, Pockit aims to serve people who are underserved by traditional financial services. Initially established as a prepaid card, Pockit now allows anyone, including people who can’t access basic financial services, to open a current account in minutes. They can send and receive money internationally, set up direct debits, make online and in-store purchases, and get an advance on their salary, should an unexpected expense arrive.
Without access to such financial services, managing finances becomes more difficult and less secure, compounding an already widespread problem of financial instability for many. Pockit has been built to help break down these barriers. The app also gives users the option to improve their financial wellbeing through its credit building feature and budgeting tools, as well as cashback rewards and customer perks.
With the UK government being dedicated to improving financial inclusion and access to financial services for all of the population, the Pockit platform has created a provision for vulnerable consumers with poor access to financial products and offers those customers a more bespoke and personalised experience.
“For too long, low-income and underserved communities have been let down and left behind by financial services. 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. It’s a problem that has been growing for years, and in the wake of the current economic climate, it’s only set to become more entrenched and more devastating for millions. 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.” Virraj Jatania, CEO and founder of Pockit.
“We’re delighted to participate in Pockit’s latest funding round. The business has developed a disruptive FinTech platform genuinely improving the experience for vulnerable customers and promoting financial inclusion. Our initial investment enabled the business to open a Newcastle base, joining the city’s thriving digital cluster, and we look forward to working with Virraj and the local team to continue to build out their North East presence as the company continues its exciting growth journey.” David Nixon, Senior Investment Manager of Maven.
Maven is one of the UK’s most active private equity investors and is passionate about working with ambitious businesses to achieve their strategic goals and maximise growth potential. If your business, or the business you advise, is looking at private equity as a solution to fund future growth we would love to hear from you.
Speak to one of our investment team by getting in touch at funding@mavencp.com