Pockit

UK-based Pockit provides banking services to individuals via a web portal and a mobile app. The company targets underserved segments of the population, which mainly includes low-income groups that the company defines as having less than GBP 1,000 in savings at any given time. Pockit provides its services under its own e-money license.

The company claims that bank accounts can be opened within three minutes via its app. The company offers a current account, which includes a contactless prepaid card issued by Mastercard. The company enables customers to deposit money into their account either through bank transfers or through PayPoint stores. In addition, the company also offers cashback rewards on retail purchases made via its prepaid card of up to GBP 20 per month. Further, the company also offers travel debit cards, which customers can use overseas, with a 4% foreign exchange fee. Moreover, the app also facilitates payments, both within the UK and internationally. As such, the platform allows customers to send up to 32 currencies to 55 countries.

In 2018, the company introduced a credit building feature called ‘Pockit LOQBOX’. This feature enables customers to set up an automated savings facility (at an added cost of GBP 0.99 per month), which sets aside a fixed amount between GBP 20-200) from the customer’s bank account each month. This fixed monthly transfer is treated as a credit payment, which is then reported directly to credit bureaus. After one year, all monthly payments are transferred back to the customer's main account.

The company offers its products on a subscription basis, charging a membership fee of GBP 1.99 per month. The company claims that its customers can increase their disposable income upto six times, as a result of cost savings arising via the usage of its platform.

In October 2024, the company announced plans to acquire Monese, a UK-based neobank that serves both B2C and B2B segments, for an undisclosed sum. Following the acquisition, Pockit aims to launch new services and benefit from Monese's regulatory infrastructure, operational synergies, and complementary product offerings such as multi-currency accounts and salary advance offerings.

Key customers and partnerships

As of August 2023, the company served over 800,000 customers.