Sir Alex Ferguson-backed startup Pockit has raised £2.3 million

pulse

May 16, 2017 8:38 AM

Pockit raised a combined £2.36 million issuing new shares in April, filings show, and just over £600,000 issuing new shares in December.

Pockit founder and CEO Virraj Jatania.

LONDON — Fintech startup Pockit has raised close to £3 million ($3.8 million) since the end of last year, according to documents filed with Companies House.

Pockit raised a combined £2.36 million issuing new ordinary shares in April, filings show. The startup also raised just over £600,000 issuing new Seires A shares in December. It's not clear from the filings who the money was raised from.

CEO Virraj Jatania confirmed that the company had raised money, saying it is a "pre-cursor to a much larger series B later this year."

Pockit offers banking services to the "unbanked." The startup, launched in 2014, lets low-income and itinerant people get hold of a prepaid card that they can have their salary or government benefits paid to. They can also manage their money through an app linked to the card. Pockit has 155,000 customers in the UK.

Pockit has raised over £10 million to date. Legendary former Manchester United manager Sir Alex Ferguson was an early investor in the startup. Jatania told BI last year: "Given his background and the care he has around working class communities he just loved what we were starting to put together."

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