T
he boss of a London fintech has stated Nigel Farage would have the ability to open an account with them after it unveiled a recent $10 million funding spherical.
Virraj Jatania, the CEO of Pockit, which serves prospects left behind by mainstream banks, stated: “Whilst I personally may not agree with his views, Nigel Farage would be allowed a current account with Pockit and he could open one in only a few minutes.
“Over the past few weeks, Farage has successfully raised awareness of the impact of being de-banked and underbanked.
“We are committed to being the financial super app for low-income and underserved groups. This includes politically exposed persons (PEPs) and we provide advanced monitoring for this group, to help prevent any potential issues.”
Pockit this week unveiled a $10 million capital elevate to gas a speedy growth to draw prospects who will not be catered for by conventional monetary providers companies.
The funding was led by Puma Private Equity and shall be used to ramp its advertising operations, which incorporates visiting church buildings and locations of worship to succeed in out to prospects who is probably not uncovered to trendy promoting.
As many as 20 million individuals within the UK don’t have entry to fundamental monetary providers, in response to a latest examine by accountancy agency PwC.
“With their very high costs and operating models with branches and tens of thousands of employees it makes it very unattractive and unprofitable for major banks to serve these customers and meet their needs,” Jatania instructed the Standard.
“But for us there’s huge room to grow still — we want to build our customer base as much as we can.”
It comes after political campaigner Nigel Farage sounded the alarm over the closure of buyer accounts at main High Street banks after discovering he had been ‘debanked’ by Coutts, a subsidiary of NatWest as inside paperwork reported that his political beliefs had been “at odds with our position as an inclusive organisation.”
Farage began a crusade against NatWest which led to the resignation of chief government Dame Alison Rose and Coutts boss Peter Flavel, along with his marketing campaign on account closures successful the backing of ministers and Tory MPs.
Farage later said he was “launching a new campaign to combat again towards the large banks which have allow us to down.”
“We need to understand the scale of this national scandal,” he stated.
Since its launch in 2015, Pockit has grown to over 800,000 customers and has processed greater than $5 billion in transactions. The newest funding brings the entire quantity it has raised to $50 million.
Kelvin Reader, Investment Director at Puma Private Equity stated: “In the current economic climate it is more important than ever to support underserved communities and help low-income customers feel seen and supported.
“We believe Pockit’s services will become increasingly important in addressing financial exclusion across the UK and beyond and we see tremendous potential thanks to its tech-powered, partnership-led approach.”
Pockit is a prepaid account, not a bank. Prepaid accounts are not covered by the Financial Services Compensation Scheme (FSCS). The firm does not have a banking license but instead uses the financial regulator’s e-money licensing scheme.
