{"id":73,"date":"2025-03-01T16:06:35","date_gmt":"2025-03-01T16:06:35","guid":{"rendered":"https:\/\/dailycrowd.io\/?p=73"},"modified":"2025-03-01T16:06:35","modified_gmt":"2025-03-01T16:06:35","slug":"pockit-acquires-monese","status":"publish","type":"post","link":"https:\/\/dailycrowd.io\/?p=73","title":{"rendered":"Pockit Acquires Monese"},"content":{"rendered":"<div class='booster-block booster-read-block'>\n                <div class=\"twp-read-time\">\n                \t<i class=\"booster-icon twp-clock\"><\/i> <span>Read Time:<\/span>1 Minute, 40 Second                <\/div>\n\n            <\/div><p>Pockit, a UK-based fintech committed to serving low-income and underserved communities, has reached an agreement to acquire the beleaguered mobile banking service Monese.<\/p>\n<p>While the specifics of the deal\u2014pending regulatory approval from the FCA\u2014were not made public, Pockit and its main investors, including Puma Growth Partners, plan to invest up to \u00a315 million in equity to facilitate the integration of operations and fuel future growth.<\/p>\n<p>This development follows the recent news that HSBC has written off its stake in Monese, having invested $35 million just two years prior.<\/p>\n<p>Founded in 2015 and based in London and Tallinn, Monese initially focused on providing banking solutions to expatriates and immigrants who faced challenges in accessing traditional banking services. However, earlier this year, Monese reported a significant \u00a330.5 million loss for 2022 and raised concerns about its ability to maintain operations without securing additional funding. Although the firm did obtain some immediate financial support, both HSBC and another significant investor, Kinnevik from Sweden, have since marked their investments as losses.<\/p>\n<p>Through this acquisition, Pockit aims to position itself as the leading fintech entity catering to the financially underserved and lower-middle-income demographics in the UK and Europe, boasting approximately three million customers and nearly \u00a330 million in annual recurring revenue.<\/p>\n<p>Pockit will leverage Monese\u2019s regulatory framework, which includes electronic money and consumer credit licenses, as well as its established market presence and offerings, such as multi-currency accounts.<\/p>\n<p>Pockit CEO Virraj Jatania will oversee the newly combined organization, with Monese&#8217;s CEO, Norris Koppel, remaining onboard for a transitional period.<\/p>\n<p>Jatania expressed enthusiasm about the acquisition, stating, \u201cThis is a transformative step for Pockit. It allows us to scale in a way that enhances financial inclusion for a significant number of individuals who are typically excluded from traditional financial systems. <\/p>\n<p>\u201cWhile our three million customers will notice no immediate changes, this partnership will lead to the introduction of new products and an improved in-app money management experience over time.\u201d<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pockit, a UK-based fintech committed to serving low-income and underserved communities, has reached an agreement to acquire the beleaguered mobile banking service Monese. While the specifics of the deal\u2014pending regulatory approval from the FCA\u2014were not made public, Pockit and its main investors, including Puma Growth Partners, plan to invest up to \u00a315 million in equity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":74,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-73","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"_links":{"self":[{"href":"https:\/\/dailycrowd.io\/index.php?rest_route=\/wp\/v2\/posts\/73","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailycrowd.io\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailycrowd.io\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailycrowd.io\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailycrowd.io\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73"}],"version-history":[{"count":0,"href":"https:\/\/dailycrowd.io\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailycrowd.io\/index.php?rest_route=\/wp\/v2\/media\/74"}],"wp:attachment":[{"href":"https:\/\/dailycrowd.io\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailycrowd.io\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailycrowd.io\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}