Pockit has secured £13.4m from existing shareholders as the fintech looks to steady its finances after posting sharply widening losses.
The fundraise, completed in May 2026, drew backing from venture capital investor Concentric and Puma Growth Partners, an investment firm owned by Shore Capital.
The capital injection follows a £5m loan Pockit secured from a famous Spanish railway architect, as reported earlier this year.
The London-based fintech posted a pre-tax loss of £10.3m for 2024, representing a more than quadrupling compared to the previous year’s figures.
Total turnover at Pockit rose by around half to £7.4m during the same period, suggesting revenue growth has not kept pace with rising costs.
The accounts, filed six months after the statutory deadline, also show the firm’s headcount grew from 37 to 46 employees during 2024.
Pockit’s workforce expanded significantly further at the end of December 2024, when it added another 99 staff following its acquisition of fellow London fintech Monese.
Monese had been put up for sale after its technology arm, XYB, was spun out as a separate business earlier in 2024.
Pockit said the deal “brings together complementary capabilities, including Monese’s established customer base, customer acquisition channels and technology platform, alongside Pockit’s growth strategy and operational expertise.”
The company added that “the enlarged balance sheet and [electronic money licence] permissions enhances the group’s ability to generate revenue from customer deposits, including interest income on held balances, supporting the development of a more diversified and sustainable revenue model.”
Monese’s own accounts, published last month and also filed well after the statutory deadline, revealed the fintech suffered a major widening of losses in 2024, with restructuring costs following its Pockit takeover hitting its bottom line hard.
Monese recorded a pre-tax loss of £15.9m for the 2024 financial year, while revenue dropped to £12.2m from £14.9m the year prior.
A significant portion of Monese’s revenue decline stemmed from the spin-off of XYB, its former business-to-business arm, which was offloaded in May 2024.
Pockit founder Virraj Jatania has consistently argued the firm focuses on the “bottom half” of UK adults, representing some 20m to 22m people who are often poorly served by mainstream financial services.
Jatania said most of Pockit’s users are those experiencing “cashflow volatility,” mainly blue collar workers, those in the gig economy and freelancers with sporadic incomes, as well as those with non-existent or thin credit records who find it difficult to open accounts with high street banks.
Pockit offers pre-paid cards to customers without the need for a credit check, positioning itself as an accessible alternative for consumers excluded from traditional banking services.