FinTech app for financially underserved raises £15m
Posted on December 7, 2020 by Alistair Hardaker
A FinTech start-up which is designed to provide financial services to underserved customers has raised £15m.
The Series B funding round came from existing investors and new investors, and brings its total raised to £27m since inception in 2014.
The latest round includes £500,000 from a Future Fund-backed crowdfunding campaign.
The firm offers its circa 500,000 users access to a current account, featuring a pre-paid debit card, international money transfers and direct debits.
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, founder and CEO said: “Launching a crowdfunding campaign has been an ambition of ours for some time. 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.”