- Pockit, a UK fintech, is acquiring Monese, a mobile banking provider, aiming to create a fintech platform for financially underserved and lower-middle-income consumers across the UK and Europe.
- The deal, pending FCA approval, follows HSBC and Kinnevik writing off their stakes in Monese due to the company’s reliance on new funding.
- Pockit, alongside Puma Growth Partners and other shareholders, will invest £15 million in equity capital into the venture.
- The acquisition won’t affect customers initially, with Pockit and Monese services running separately until after a review and integration process.
- The merged entity will serve around three million customers and generate approximately £30 million in annual revenue.
- Pockit started as a prepaid card provider in 2014 and now offers digital accounts, cross-border transfers, and early wage access.
- Virraj Jatania, Pockit’s CEO, will lead the expanded venture, with Norris Koppel of Monese assisting with the transition.
UK challenger Monese to be acquired by fellow fintech Pockit
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