Pockit, a London-based financial app aimed at low-income and underserved communities, has raised $10m (£7.9m).
Founded in 2015 as a prepaid card service, Pockit has expanded its services over the years, with the goal of creating a “financial super app”.
Pockit offers current accounts, international remittance, salary advances and direct debits to users.
The company is targeting low-income consumers without access to financial services. The app offers budgeting and credit-building tools as well as cashback rewards.
“For too long, low-income and underserved communities have been let down and left behind by financial services. At Pockit, we’re committed to not only opening doors for these people but giving them the tools and support they need to feel financially empowered,” said Virraj Jatania, CEO and founder of Pockit.
“It’s a problem that has been growing for years, and in the wake of the current economic climate, it’s only set to become more entrenched and more devastating for millions.”
The funding round was led by Puma Private Equity with participation from the North East Development Capital Fund, which supported the opening of a Newcastle office for the fintech.
“In the current economic climate, it is more important than ever to support underserved communities and help low-income customers feel seen and supported,” said Kelvin Reader, investment director at Puma Private Equity.
“We believe Pockit’s services will become increasingly important in addressing financial exclusion across the UK and beyond and we see tremendous potential thanks to its tech-powered, partnership-led approach and the fact its customers and its needs are so core to everything it does.”
Pocket previously raised £15m in a Series B round in December 2020.