UK challenger Monese to be acquired by fellow fintech Pockit
UK fintech Pockit has snapped up Monese, a mobile banking services provider, with the goal of building a fintech platform tailored to serve “financially underserved and lower-middle-income consumers across the UK and Europe”.
Pockit to acquire Monese
The deal, pending FCA approval, comes hot on the heels of HSBC reportedly writing off its $5.8 million stake in Monese, not long after Kinnevik also devalued its 21% share. At the time, Norris Koppel, CEO and founder of Monese, said the company was “reliant on access to sufficient amounts of new funding to finance its current operations and growth plans”.
The financial details of the proposed acquisition by Pockit have not been disclosed, though Pockit announced that it, along with shareholders led by Puma Growth Partners, will commit £15 million in equity capital into the venture.
The acquisition will not affect customers of either company, with the “two separate services continuing to run independently until a careful review and integration process has been completed”.
Pockit founder and CEO Virraj Jatania will lead the expanded enterprise, while Koppel will be involved in the transition process.
The merged Pockit and Monese entity will serve approximately three million customers and generate around £30 million in annual revenue.
Starting out as a prepaid card provider in 2014, Pockit has evolved into a digital account platform offering services such as cross-border money transfers, early wage access and gift cards. Last year, it raised £10 million in a growth funding round.
