Pockit, a UK based financial services business for the “unbanked”, has acquired Monese, an HSBC-backed rival, creating a combined business serving three million customers. Monese's e-money license will reduce Pockit’s cost per transaction, while the consumer credit license will allow it to launch lending products.
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Pockit buys Monese to help serve the ‘unbanked’
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Monese was Britain’s first mobile-only banking service. It was founded in 2013 by Norris Koppel, 47, an Estonian entrepreneur, after his own experiences of struggling to open a bank account as a migrant worker. Like Pockit, it focuses on customers who face difficulties in accessing traditional financial services. It has more than two million customers in more than 30 countries.
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