FinTech company Pockit has appointed two senior industry figures, Gene Lockhart and Malcolm Le May, to its board.
As the former president and CEO of Mastercard International and former CEO of Vanquis Banking Group respectively, they will support management in the next phase of the company’s growth.
Their appointment follows the announcement earlier this month of Pockit’s acquisition of the pan-European FinTech Monese, subject to approval by the FCA.
In addition to Mastercard International, Lockhart was also president of the global retail bank at Bank of America and CEO at Midland Bank plc. He is chairman emeritus and co-founder of Mission OG, a growth fund in the USA, and currently a senior advisor to Blackstone.
He has also served as a special adviser at General Atlantic and a venture partner at Oak Investment Partners, while he was chairman of Netspend and an early investor in Nubank. Through Mission OG he was an investor and board member at Featurespace.
Le May is the former CEO and executive chairman of Vanquis Banking Group (formerly Provident Financial Group). He is an experienced non-executive director who has worked at financial institutions including RSA plc, IG Group and Hastings Group, as well as serving as a senior advisor at EY.
He spent his executive career in corporate and investment banking, asset management and private equity, including senior roles at ING, UBS, Barclays and BZW.
These appointments come as Pockit is set to create the leading fintech for the financially underserved and lower-middle-income consumers across the UK and Europe through its acquisition of Monese, with the combined group serving around three million customers and generating almost £30m in annualised run-rate revenue.
Pockit and its shareholders, led by Puma Growth Partners, Concentric and the Jatania family, are making a significant injection of up to £15m in equity capital to fund the integration and future growth of the business.
“The acquisition of Monese is a game-changer for Pockit, adding real scale to our business and opening up a range of exciting new growth opportunities,” said Virraj Jatania, CEO and founder of Pockit.
“This is therefore the optimal time for us to be strengthening our corporate governance and building out our board with the addition of two industry stalwarts in Gene and Malcolm.
“I’m looking forward to working closely with them and drawing on their experience and expertise as we embark on the next chapter in Pockit’s journey.”
Lockhart said: “It’s brilliant to be supporting Pockit at such an important moment in its evolution. Having led some of the world’s largest financial services organisations and been so closely involved with some of the most successful global FinTech businesses, I can see the company’s real potential for further growth and am excited to play my part in that.”
Le May added: “Pockit offers a set of essential products to people who would otherwise risk being excluded from vital financial services.
“The acquisition of Monese will dramatically accelerate Pockit’s access to the large underserved communities across the UK and Europe, and I look forward to supporting Virraj and his team in driving towards that goal.”