Pocketnest

Pocketnest provides a white-label financial wellness platform for millennials and Gen-Xers. The company licenses out its financial wellness platform to financial institutions such as banks, credit unions, wealth advisors, benefit providers, and employee wellness platforms, to expand its customer base and cross-sell opportunities. Pocketnest also provides a financial coaching solution that uses behavioral science and psychology to coach users by using 10 themes of financial wellness, which include investment, budgeting, estates and wills, college savings, debt management, taxes, credit, loans, retirement, and insurance.

Key customers and partnerships

As of October 2023, the company served 44 institutional customers with over 100 white-labeled instances. Key customers include MSUFCU, 4Front Credit Union, Lake Trust Credit Union, the Foundation for Financial Wellness, and The Henry Ford. In December 2021, MSUFCU provided Pocketnest’s financial wellness platform to nearly 320,000 members, which increased their financial wellness by 30%. Pocketnest claims that organizations that license out its software save up to USD 50,000 annually, and serve up to 16x more users.

Funding and financials

In January 2022, the company raised USD 1.95 million in a seed funding round co-led by The Impact Seat and ID Ventures. The funds were expected to be utilized to support the launch of its employee wellness platform and to build new partnerships with employers and financial institutions to expand its user base.