Addressing Gen Z’s banking needs, pockid raises €4 million

Hamburg-based startup pockid has raised €4 million in a seed funding round. The fintech is specifically addressing the banking needs of a younger generation, offering a bank account with a debit Mastercard attached. The 11 member team plans to use the investment to further bolster the ranks as they plot international expansion plans, as well as implement new Gen Z specific features, namely in the areas of social commerce and gaming.

Founded in 2020 and based on the vision, “Empower Europe’s young generation to become financially independent,” pockid bills itself as the first “Gen Z Neobank”. Offering a prepaid virtual and physical Mastercard, the iOS and Android app provides a younger generation with freedom and flexibility when it comes to making purchases, all without the need to ask the parents for a card number. For account holders under the age of 18, parents also get a separate overview of the account.

“Gen Zs are socialized with in-game purchases, subscription services, and e-commerce transactions. However, they have little opportunity to meet their own digital needs with existing solutions, such as the Girocard. In a survey we conducted, we found out that more than one in three German teenagers has already forged an online payment service. At the same time, German young people have some of the highest disposable income in the world,” explains CEO Jes Hennig.

Pockid’s seed funding round was led by Cavalry Ventures, with Vorwerk Ventures also participating.

“The pockid team understands and speaks the language of Gen Z like no other provider on the market. Pockid has a clear vision to deliver real value to its users that goes far beyond the typical bank account,” commented Cavalry Ventures’ Martin Janicki.