London-based fintech Pockit commits to serving underserved customers, including politically exposed persons, with a new $10 million in funding
The CEO of Pockit, a London-based fintech, has confirmed that Nigel Farage would be able to open a current account with the company despite their differing views. Virraj Jatania, who leads the company that caters to customers often neglected by traditional banks, said, “Whilst I personally may not agree with his views, Nigel Farage would be allowed a current account with Pockit, and he could open one in just a few minutes.”
Jatania highlighted that Farage’s recent campaign to raise awareness about being de-banked had drawn attention to the struggles faced by people who are excluded from mainstream financial services. Pockit, which serves low-income and underserved groups, including politically exposed persons (PEPs), ensures advanced monitoring to address any potential issues related to these customers.
This statement comes alongside the announcement of Pockit’s $10 million capital raise, aimed at accelerating its growth and expanding its services. The funding round, led by Puma Private Equity, will enable the fintech to expand its marketing outreach, including visiting churches and other community centres to engage customers who may not be reached through conventional advertising.
The UK faces a growing problem of financial exclusion, with as many as 20 million people reportedly lacking access to basic financial services, according to PwC. Jatania explained, “Traditional banks find it unattractive and unprofitable to serve these customers due to their high operating costs and large branch networks. But for us, there’s huge potential for growth.”
This move comes after Farage raised concerns about being “debanked” by Coutts, a subsidiary of NatWest, due to his political views. Farage’s public criticism of the bank led to widespread support, particularly from Tory MPs and ministers, and even contributed to the resignations of high-level figures at NatWest. Farage has since launched a campaign against the big banks.
Founded in 2015, Pockit has since attracted over 800,000 users and processed more than $5 billion in transactions. The fintech has now raised a total of $50 million in funding. Kelvin Reader from Puma Private Equity praised Pockit’s efforts, saying, “In today’s economic climate, it’s crucial to support underserved communities and help low-income customers feel seen and supported. Pockit’s approach has tremendous potential in addressing financial exclusion across the UK and beyond.”
As a prepaid account provider, Pockit does not offer traditional banking services, nor is it covered by the Financial Services Compensation Scheme (FSCS), but instead operates under the financial regulator’s e-money licensing scheme.
