Pockit
 | |
| Company type | Private company |
|---|---|
| Industry | Internet |
| Founded | 2014 |
| Founder | Virraj Jatania |
| Headquarters | London, United Kingdom |
Key people | CEO - Virraj Jatania.[1] |
| Products | Pockit app |
| Website | pockit |
Pockit is a British financial technology company offering pre-paid spending cards, current accounts, and a range of other pseudo-bank financial services. The mobile-first service aimed to make money simple for low-income 'unbanked' customers, with products and services tailored specifically for them.[2]
Since its foundation, the company has 500,000 customers.[3]
History
Pockit was founded in 2014 by Virraj Jatania[4][5] to provide a better banking product to financially underserved customers and tackle issues around financial inclusion in the UK.[4] Their digital current account supported online payments, direct debits and had built in tools to help people take control of their spending.
In 2018, Pockit introduced a 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]
At the end of June 2020, some accounts became inaccessible due to the FCA suspending Wirecard's ability to move money.[10] The restrictions were lifted on 29 June and operations returned to normal.[11]
In November 2020 Pockit obtained a further round of speculative funding and crowdsourced investment.[12]
Awards
In 2018, Pockit won The Spectator Economic Disrupter of the year award.[13]
External links
References
- ^ "Pockit promises action over frozen customer accounts". BBC News. 2021-05-27. Retrieved 2021-09-24.
- ^ Mavadiya, Madhvi. "Meet Pockit, The Fintech Swiftly Becoming The One-Stop-Shop For The Unbanked". Forbes. Retrieved 2020-02-20.
- ^ Hurley, James. "Anger as banking app Pockit locks accounts" – via www.thetimes.co.uk.
- ^ a b Mavadiya, Madhvi. "Meet Pockit, The Fintech Swiftly Becoming The One-Stop-Shop For The Unbanked". Forbes.
- ^ "Pockit Review 2021: Account, App & Pre-Paid Mastercard - Pros & Cons". Money Check. 2021-06-09. Retrieved 2021-09-24.
- ^ "Pockit Loqbox promises to help the UK's 'unbanked' improve their credit score". TechCrunch. Retrieved 2020-02-20.
- ^ "FinTech for All". Policy Exchange. Retrieved 2020-02-20.
- ^ "Lack of bank account 'costs £500 a year'". BBC News. 2019-04-22. Retrieved 2020-02-20.
- ^ Team, Pockit (2019-04-23). "The Banking Poverty Premium". Medium. Retrieved 2020-02-20.
- ^ "Important update: Wirecard Licence Suspended — Pockit accounts temporarily inaccessible". 27 November 2020.
- ^ "UK markets watchdog lifts restrictions on Wirecard". Reuters. 29 June 2020.
- ^ "Pockit". www.crowdcube.com. Retrieved 2021-09-24.
- ^ "The winners of the Economic Disruptor of the Year Awards 2018". The Spectator. 2018-11-02. Retrieved 2020-02-20.
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