Pockit, a UK-based digital bank that targets underserved populations, has raised USD 10 million in a growth funding round led by Puma Private Equity, with participation from The North East Development Capital Fund. Total funds raised by the company currently stand at USD 49.6 million.

The company intends to utilize the fresh funds to improve its credit building tools, launch a buy now pay later (BNPL) product, and expand its platform to include savings accounts, as well as investments and insurance products. In addition, it will use the funds to expand its team to 100 by early 2024, which is currently at 60.

Pockit customers can send and receive money internationally, set up direct debits and deposit, and withdraw cash across 27,000 locations in the UK. It currently has over 800,000 customers and claims to have processed around USD 5 billion in cash across over 73 million transactions.