Pockit

Pockit was founded in 2014 by Virraj Jatania.[3] to provide a better banking product to financially underserved customers and tackle issues around financial inclusion in the UK.[3] Their digital current account supports online payments, direct debits and has built in tools to help people take control of their spending.

In 2018, Pockit introduced a feature to help customers build their credit score, provided in partnership with LOQBOX.[4] There are an estimated ten million people who have previously been neglected or excluded by traditional high street banks that Pockit aims to serve better, regardless of their income or credit history.[5]

In 2019 Pockit published its ‘Banking Poverty Premium’ report which revealed how people without access to a bank account pay up to £485 extra each year because they miss out on preferential discounts on everyday bills and basic services such as utility bills, mobile phone contracts, broadband and personal loans.[6] [7]

At the end of June 2020, some accounts became inaccessible due to the FCA suspending Wirecard's ability to move money.[8] The restrictions were lifted on June 29th, and operations went back to normal.[9]

In November 2020 Pockit obtained a further round of speculative funding and crowdsourced investment although anecdotal consumer feedback at Trustpilot [10] suggests that Pockit delays account closure and the return of account holders' deposits in an attempt to boost user numbers and account liquidity.

In 2018, Pockit won The Spectator Economic Disrupter of the year award. [11]