Maven Invests £1m in Fintech Platform Pockit
Maven Capital Partners (“Maven”), one of the UK’s most active SME finance providers, has today announced it has invested £1m into Fintech platform, Pockit Ltd (“Pockit”) as part of Pockit’s £15m Series B funding round. The business has secured £1 million funding through the North East Development Fund, supported by the European Regional Development, and £1.3 million via private investors, Crowdcube and the Future Fund, a government scheme backed by the British Business Bank.
Funding will allow the business to invest in its newly opened Newcastle base to deliver on its ambitious expansion plans and embark on a recruitment drive to grow its local team, creating 17 new jobs over the next 12 months. Funding will also support the platform as it continues to roll out a number of exciting product enhancements and developments.
Pockit is a Fintech platform that provides accessible current accounts and debit cards for customers via the Pockit app. The Pockit app and account are designed to act in the same way as a high street bank account aiming to increase financial inclusion for individuals who have poor access to regular high street banking products. The mobile-first Fintech aims to make “money simple” for customers with specifically tailored services, such as helping customers to build their credit score through its Pockit LOQBOX product or enabling customers to send money internationally through its remittance functionality, which is powered by Transferwise.
With the UK government being dedicated to improving financial inclusion and access to financial services for all of the population, the Pockit platform has created a provision for vulnerable consumers with poor access to financial products and offers those customers a more bespoke and personalized experience.
Backed by a dedicated and ambitious team with the technical and non-technical expertise needed to deliver the company’s ambitious growth plans, Virraj Jatania, Pockit’s Founder, has a strong strategic vision for the business. After launching the first iteration of the Pockit account at the end of 2014, he led a series of fundraisers to grow the business from inception and has helped it raise £27m to date.
Virraj is joined by a strong Executive Team in Shaheen Meah (Finance Director, who previously worked at Salary Finance and Neyber), Maxim Kostenko (VP Product, who previously worked at Flipper) and Christopher Baines (VP Compliance, Risk & Operations, who previously worked at Wirecard Card Solutions, based in Newcastle).
David Nixon, Investment Manager at Maven, said: “Expanding its London operation and opening a Newcastle base allows Pockit to join the city’s thriving digital cluster and benefit from the local Fintech talent we have here. The platform supports a growing market unable to access traditional high street banking products. We’re excited to back Virraj and the team at such a pivotal point in the company’s growth journey and are looking forward to working with the business as they execute their expansion plans.”
Virraj Jatania, Founder of Pockit, said: “We are excited about our expansion into Newcastle, which is one of the most vibrant cities in the United Kingdom. We have been impressed with the quality of talent in the region and the way in which we have been welcomed into the local business ecosystem. We are looking forward to our partnership with Maven who are one of the leading investors in the United Kingdom and will be a strong partner in the years to come.”
Jason Hobbs, Chief Executive of the North East Fund, added: “It’s great to see a FinTech business improving the experience for vulnerable customers and promoting financial inclusion. We are delighted Maven and the North East Fund has supported the business as it scales its operation within the region. More and more digital businesses are opening a North East based and the region is fast becoming a prime area for tech businesses to locate because of our growing and collaborative sector and impressive workforce and the availability of venture funding through programmes such as The North East Fund. Although 2020 was extremely difficult, British entrepreneurship has a deserved reputation for resilience and innovation and we are committed to supporting ambitious small businesses.”