UK-based fintech startup Pockit raises £15 million Series B round, partners with Railsbank

robin@tech.eu

Pockit, the 6-year-old London-based fintech business that focuses on providing financial services primarily to customers who are typically excluded or at least underserved by high street banks, has secured a £15 million Series B funding round from existing and new investors.

That’s not the only thing the startup is announcing today: it has also partnered with Railsbank subsidiary PayrNet as a direct result of the Wirecard debacle and needing to switch up its ‘open banking’ provider, and it is kickstarting a Future Fund-backed equity crowdfunding campaign to the tune of £500,000 – which is actually part of its financing round. Still with us?

Pockit has now raised a total of £27 million in funding since it was founded in 2014. It has actually been rather mum about who its investors are, but Sir Alex Ferguson is among its high-profile backers.

The company boasts more than 500,000 users, who have opened a current account (featuring a pre-paid debit card), use it for making payments and/or transfer money online abroad to over 29 countries.

Virraj Jatania, founder and CEO, had this to say about the equity crowdfunding campaign:

“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.”

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