Pockit

Pockit is British financial technology company that offers current accounts, remittances[1] and a range of other financial services as an alternative to traditional banks. The mobile-first service aims to make money simple for low-income customers, with products and services tailored specifically for them and that help them maximise their income.[2]

Pockit
Private company
IndustryInternet
Founded2014 (2014)
FounderVirraj Jatania
HeadquartersLondon, United Kingdom
ProductsPockit app
Websitepockit.com

It has more than 500,000 customers.[3]

History

Pockit was founded in 2014 by Virraj Jatania.[4] to provide a better banking product to financially underserved customers and tackle issues around financial inclusion in the UK.[4] Their digital current account supports online payments, direct debits and has built in tools to help people take control of their spending.

In 2016, Sir Alex Ferguson, former Manchester United manager, invested in the company's first round of funding.[5]

In 2018, Pockit introduced a new feature to help customers build their credit score, provided in partnership with LOQBOX.[6] There are an estimated ten million people who have previously been neglected or excluded by traditional high street banks that Pockit aims to serve better, regardless of their income or credit history.[7]

In 2019 Pockit published its ‘Banking Poverty Premium’ report which revealed how people without access to a bank account pay up to £485 extra each year because they miss out on preferential discounts on everyday bills and basic services such as utility bills, mobile phone contracts, broadband and personal loans.[8] [9]

As of 24 June 2020, Pockit accounts are inaccessible due to the FCA suspending Wirecard's ability to move money. [10].

Awards

In 2016, Pockit was awarded the EPA's Best Prepaid Product of the year award with Wirecard.[11]

In 2018, Pockit won The Spectator Economic Disrupter of the year award. [12]

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References
  1. "Banking app Pockit picks up further £2.9M as it readies new remittance service".
  2. Mavadiya, Madhvi. "Meet Pockit, The Fintech Swiftly Becoming The One-Stop-Shop For The Unbanked". Forbes. Retrieved 2020-02-20.
  3. Editor, James Hurley, Enterprise. "Anger as banking app Pockit locks accounts" – via www.thetimes.co.uk.CS1 maint: extra text: authors list (link)
  4. Mavadiya, Madhvi. "Meet Pockit, The Fintech Swiftly Becoming The One-Stop-Shop For The Unbanked". Forbes.
  5. UK, Shelina Begum, Manchester Evening News. "Sir Alex Ferguson invests in prepaid credit card firm Pockit". Manchester Evening News.
  6. "Pockit Loqbox promises to help the UK's 'unbanked' improve their credit score". TechCrunch. Retrieved 2020-02-20.
  7. "FinTech for All". Policy Exchange. Retrieved 2020-02-20.
  8. "Lack of bank account 'costs £500 a year'". BBC News. 2019-04-22. Retrieved 2020-02-20.
  9. Team, Pockit (2019-04-23). "The Banking Poverty Premium". Medium. Retrieved 2020-02-20.
  10. "Important update: Wirecard Licence Suspended — Pockit accounts temporarily inaccessible".
  11. "Wirecard and Pockit Awarded Best Prepaid Product of the Year". www.wirecard-cardsolutions.co.uk. Retrieved 2020-02-20.
  12. "The winners of the Economic Disruptor of the Year Awards 2018". The Spectator. 2018-11-02. Retrieved 2020-02-20.
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