London, UK based mobile banking platform Pockit has raised £2.9m in Series B funding from various individual investors. Pockit aims to be an extremely accessible mobile banking service for the UK's underserved banking population.
Available as of next week, Pockit’s 150,000 or so users will be able to send money to Poland and to Italy, with all other Eurozone countries added to the system in June. Over the next few months, countries outside Europe will also be added, starting with Philippines, India, Pakistan, Bangladesh, Ghana and Nigeria. In a call, Pockit founder Virraj Jatania told me the new remittance service is part of the 2013-founded startup’s mission to bring a range of cost-effective digital banking products to customers currently underserved or financially excluded by traditional banks who don’t see a lot of money to be made by serving this segment of the market, despite regulatory pressure to do so. The market size is somewhere between 4 to 5 million in the U.K., and thought to be around 2 billion or more people worldwide.