What Pockit does

Pockit is a UK-based digital banking and fintech company founded in 2014 (some sources reference 2012) and headquartered in Cardiff, with additional offices in Warsaw and Madrid. The company operates a prepaid Mastercard and digital current-account product, distributed entirely through self-serve digital channels (website and mobile app) with no physical branches. Pockit is purpose-built for financially excluded adults in the UK, including those with low or no credit scores, individuals new to the UK without proof of address or photo ID, customers previously denied credit, and people seeking a secondary account for budgeting. The core technology stack is mobile-first and orchestrated through regulated partners: e-money accounts and payment rails (Faster Payments, BACS, CHAPS, Direct Debits) are provided by Modulr FS Limited, the prepaid Mastercard is issued by PSI-Pay Ltd, and credit-builder and cash-advance functionality is powered by SteadyPay Limited, with on-time payment behaviour reported to Experian, TransUnion, and Equifax. Apple Pay and Google Pay are supported natively, and cash-in is enabled across the 27,000-location PayPoint network. The product surface spans a four-tier subscription (Pay As You Go at £0, Everyday at £2.49/month, Extra at £6.99/month, and Premium "Fast Track to Credit" at £9.99/month), plus ancillary features including credit-building, salary advances, cashback rewards (up to 5-8% at retailers such as Sainsbury's, Argos, Primark, JD Sports and Poundland), international remittances via Wise, and utilities-switching via Youtility.

Pockit's business model combines recurring subscription revenue, per-transaction fees (ATM withdrawals, bank transfers, direct debits, card loads, FX at 4%), cash-advance fees (£4.99-9.99 flat), card and account fees, and affiliate commission from cashback and switching partners. Distribution is product-led growth: a 3-minute signup with no credit checks, instant virtual card issuance, and B2B partner channels through employers, charities and housing associations serving financially excluded populations. The company reached 1,000,000+ customers and has processed over $5 billion across 73+ million transactions. In 2024 Pockit acquired Monese, a UK digital neobank serving similar underserved segments, and in 2026 secured both debt financing from Anchorgate Management and a growth equity round led by Concentric and Puma Private Equity (cumulative disclosed funding ~$73M-plus). Founder and CEO Virraj Jatania continues to lead the company, supported by COO Garreth Griffith.

Name

Pockit

Legal name

Pockit Limited

Website

https://pockit.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Pockit is a UK-based fintech offering prepaid Mastercard accounts and digital banking services to financially excluded adults, including those with poor or no credit history, new arrivals to the UK, and previously denied credit applicants. Its product stack spans subscriptions, credit-building, cash advances, cashback rewards and international remittances.

Ownership category

akta.pro rank

Product category

Digital Banking / Prepaid Cards

NAICS

Credit Card Issuing (522210), Sales Financing (52222), Activities Related to Credit Intermediation (5223)

SIC

Personal Credit Institutions (6141), Finance Services (6199)

akta.pro primary industry

Recurring Billing, Subscriptions & Tokenized Payments (CRAFALAH)

akta.pro secondary industry

Prepaid, Gift Cards & Voucher-Based Payments (MPAEALAE)

Keywords

• Prepaid debit cards
• Digital banking accounts
• Financial inclusion services
• Credit building tools
• Challenger banking

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure, Supply Chain

Revenue model

1. Subscription Fees: Four-tier subscription model: Premium (£9.99/month), Extra (£6.99/month), Everyday (£2.49/month), and Pay As You Go (£0/month). Premium tier includes Credit Pathway, higher cashback rates, and personal credit access.
2. Transaction Fees: Fees for various transactions including ATM withdrawals (£1.99 UK, £2.25 international), bank transfers out (£1.29), direct debits (£0.99), debit card loads (£1.99), PayPoint cash deposits (£1.49), and foreign exchange (4%).
3. Cash Advance Fees: £50 cash advance for £4.99 flat fee, £100 cash advance for £9.99 flat fee. No interest charged.
4. Card and Account Fees: Card delivery fees (£0.99 basic to £19.99 courier), card replacement (£4.99 standard, £9.99 express), and missed direct debit fee (£15.00).
5. Cashback Partner Revenue Share: Partnership revenue from cashback program where Pockit earns commissions from retailer partners including Sainsbury's, Argos, Primark, and others.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Pockit provides a prepaid Mastercard and digital current account designed for UK adults who are financially excluded by high street banks — including those with poor or no credit history, new to the UK, or holding only unverified addresses or limited photo ID. The account is opened in 3 minutes with no credit checks and offers contactless payments, Apple Pay/Google Pay, salary/benefits paid one day early, Direct Debits, bank transfers, cashback rewards, and a credit-building pathway that reports to Experian, TransUnion, and Equifax. Multiple subscription tiers (Pay As You Go, Everyday, Extra, Premium/Fast Track to Credit) bundle features such as salary advance up to £100, cashback up to 8%, and personal credit access after 3 months of on-time Premium payments.

Product overview

Pockit is a UK-based fintech offering a prepaid Mastercard and digital account designed for underserved communities, including those without credit history or who've been denied traditional banking services. The core product is a prepaid card with multiple subscription tiers (Pay As You Go at £0, Everyday at £2.49/month, Extra at £6.99/month, and Premium/Fast Track to Credit at £9.99/month). Key features include Credit Pathway for credit building (reporting to Experian, TransUnion, Equifax), Cash Advance salary advances, Cashback Rewards (up to 8%), Get Paid Early, Direct Debits, and savings tools for mobile/broadband. The platform offers digital wallet integrations with Apple Pay and Google Pay, and cash deposits via 27,000 PayPoint locations. In 2024, Pockit acquired Monese, another digital bank serving similar markets. All products are FCA regulated via Modulr FS Limited and PSI-Pay Ltd.

Differentiator

Problem solved

Functional benefit

Products and services

• Pockit Prepaid Card & Account Prepaid Mastercard and digital account providing everyday banking features including contactless payments, Apple Pay/Google Pay, direct deposits (salary/benefits), Direct Debits, cashback rewards, and money transfers without credit checks.
• Pockit Card for Everyday Use Standard prepaid Mastercard for everyday contactless and online spending, available to all Pockit customers.
• Pockit Travel Card Prepaid Mastercard for international travel and foreign currency spending; 4% FX fee applies and the card cannot be used in Brazil.
• Pockit Additional Cards Up to 3 additional prepaid cards per account for family, flatmates, or caregivers, with shared or separate balance options at £4.99 per additional card.
• Pockit Premium (Fast Track to Credit) Premium subscription at £9.99/month offering Credit Pathway reporting to all three UK CRAs, up to 5% cashback at partner brands, 2.5% cashback on other spending, £30-£500 personal credit access after 3 months, and all Extra plan benefits.
• Pockit Extra Mid-tier subscription at £6.99/month offering 1% cashback on all spending up to £250, free bank transfers and Direct Debits within allowances.
• Pockit Everyday Entry-level paid subscription at £2.49/month offering free bank transfers in, lower transaction fees, and up to 5% cashback at partner brands.
• Pockit Pay As You Go Free plan with no monthly fee; transaction fees apply for bank transfers, Direct Debits, and cash deposits. No cashback eligibility.
• Credit Pathway Premium feature powered by SteadyPay that builds credit history by reporting on-time Premium plan payments to Experian, TransUnion, and Equifax, with personal credit access up to £500 after 3 months.
• Cash Advance Salary advance feature providing £50-£100 before payday with no hard credit checks and flat fees (£4.99-£9.99), 0% interest; repaid automatically on payday. Powered by SteadyPay.
• Cashback Rewards Loyalty program offering up to 8% cashback at partner retailers including Sainsbury's, Argos, Primark, Pizza Express, and Foot Locker, auto-loaded monthly.
• International Remittances (via Wise) Low-cost international money transfer service enabled by Wise partnership, available inside the Pockit app.
• Monese (acquired brand) UK-based digital neobank acquired by Pockit in 2024 serving a similar financially excluded customer base.
• Save on Mobile (with Youtility) Mobile comparison tool in partnership with Youtility helping users find better SIM-only, PAYG, and contract deals, with potential savings up to £264/year.
• Save on Broadband (with Youtility) Broadband comparison tool in partnership with Youtility covering over 95% of the UK market, with potential savings up to £150/year based on Ofcom research.
• Pockit Mobile App Mobile application for iOS and Android providing account management, card controls (lock/unlock), transaction history, and real-time spend notifications.

Quantifiable outcome

• Processed over $5 billion through 73+ million transactions
• +4 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, secondary and minor.

• Modulr FS LimitedcoreTechnology or IntegrationBanking infrastructure partner providing electronic money accounts and payment services (Faster Payments, BACS, CHAPS, Direct Debits). Pockit is a distributor of Modulr FS Limited, an FCA authorized Electronic Money Institution (FRN 900573).
• PSI-Pay LtdcoreTechnology or IntegrationCard issuer providing the Pockit prepaid Mastercard. PSI-Pay Ltd is authorized and regulated by the FCA (FRN 900011) for issuing electronic money and payment services.
• SteadyPay LimitedcoreTechnology or IntegrationCredit pathway partner providing credit builder functionality. Steadypay Limited is authorized and regulated by the FCA (FRN 789333) for Consumer Credit and Credit Information Services. Pockit is an Authorised Representative of Steadypay Limited.
• WISEsecondaryTechnology or IntegrationInternational remittances partnership launched in 2022 providing low-cost international money transfers.
• PostOfficeminorStrategic or Co-development PartnerPartnership to enable customers to access cash and banking services through PostOffice locations.
• PoundlandminorStrategic or Co-development PartnerRetail partner for cashback rewards program and customer access.
• PrimarkminorStrategic or Co-development PartnerCashback rewards partner where Pockit customers earn cashback when shopping at Primark.
• ArgosminorStrategic or Co-development PartnerCashback rewards partner offering up to 3% cashback on Argos purchases.
• Sainsbury'sminorStrategic or Co-development PartnerGrocery cashback partner offering rewards on supermarket purchases.
• JD SportsminorStrategic or Co-development PartnerFashion and sports retail cashback partner.
• YoutilityminorGTM or Marketing PartnerIndependent platform partnered with Pockit to help customers find better deals on broadband, mobile, and TV services.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Monese: UK-based digital banking app serving expats, migrants and underserved customers with multi-currency accounts and prepaid features. Directly comparable on target persona and product set, and now a Pockit subsidiary following the 2024 acquisition.
• Suits Me: UK prepaid current account targeting underbanked, credit-rebuilding and new-to-UK customers with tiered subscriptions and Mastercard acceptance. Closely comparable on persona, fee-based model, and prepaid + credit-building positioning.
• Cashplus: UK-based prepaid Mastercard and business account provider with no credit checks and credit-builder products. Direct competitor in prepaid + small-business / personal banking for the underserved segment.
• Think Money: UK provider of managed current accounts and prepaid cards for customers with poor credit history. Comparable on the no-credit-check / prepaid value proposition and on serving financially excluded adults.

Broad incumbents

• Monzo: Major UK challenger bank with FSCS-protected current accounts and a broad digital banking proposition. Not niche-prepaid, but increasingly overlapping with Pockit's persona through features like salary advance and credit building.
• Starling Bank: UK digital challenger bank offering full current accounts, lending and connected apps. Overlaps with Pockit on digital-first banking for underserved segments, but with much broader product suite and FSCS coverage.
• Revolut: Global digital banking and payments super-app with prepaid cards, remittances, and credit products. Competes on cross-border remittances (Pockit's Wise partnership) and increasingly on underbanked / multi-currency personas.

Emerging players

• Loqbox: UK credit-building platform that helps thin-file consumers improve credit scores through reported savings payments. Functionally comparable to Pockit's Credit Pathway and historically integrated with Pockit (Pockit LOQBOX launched in 2019).
• Zilch: UK-based BNPL and consumer credit fintech offering pay-over-time products targeting thin-file consumers. Adjacent on credit-building for underserved customers and on subscription-style monetisation in UK fintech.
• Wirex: Multi-currency prepaid card and digital payments app with Mastercard acceptance and crypto features. Comparable to Pockit on prepaid Mastercard + cross-border spending for international / underbanked users.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/PockitUK
• Facebookfacebook.com/pockituk
• Instagraminstagram.com/Pockit_UK
• LinkedInlinkedin.com/company/pockit

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds13 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pockit