Key Data

• Trading Name: Pockit
• Legal Entity: Pockit Limited
• Activities: Digital Prepaid Account
• Location: UK
• Regulations: White-labeled
• Key People: Virraj Jatania
• Latest news: Pockit
• Latest update: October , 2024

Pockit is a digital prepaid account service that provides customers with a simple way to manage their finances. It offers a range of services, including salary or benefits deposits, direct debits, credit building, and money transfers. Pockit is designed for individuals who may struggle with traditional banking options, such as those with low credit scores or lacking typical identification.

Pockit was founded in 2014 by Virraj Jatania to provide a better banking product to financially underserved customers and tackle issues around financial inclusion in the UK.

Offering

Pockit provides a digital prepaid account that offers a variety of services, designed for individuals who may not have access to traditional banking. Their products include:

1. Pockit Prepaid Mastercard: A card for everyday use, travel, and shared expenses, supported by Google Pay and Apple Pay for contactless payments.
2. Financial Services: Direct debits, salary deposits, money transfers, and early access to wages.
3. Credit Builder: Helps improve credit scores through small, manageable savings.
4. Income Advance: Provides short-term advances on regular income.
5. Cashback and Discounts: Includes cashback rewards, gift cards, and discounts on broadband and mobile bills​

Serving Industries

Pockit primarily serves underbanked individuals in the UK, targeting those with low credit history or new to the financial system, and businesses that need alternative payment solutions for employees.

Regulation

• The Pockit Card is issued by PSI-Pay Ltd, regulated by the FCA under the Electronic Money Regulations.
• Pockit is an authorized representative of Jove Technology for insurance and Steadypay Limited for consumer credit products.
• Payments like FPS, BACS, and Direct Debits are provided by Modulr FS Limited, an FCA-authorized Electronic Money Institution.

Customer Reviews

Trustpilot: 3,7 Stars with 12.000+ Reviews

Google Play: 3,9 Stars with 16.000+ Reviews

Wirecard Connections

Pockit previously partnered with Wirecard for its prepaid card services. Wirecard Card Solutions Limited was the initial issuer of Pockit’s prepaid Mastercard until Wirecard faced regulatory issues and insolvency in 2020. This led to a temporary disruption for many fintech services, including Pockit. As a result, Pockit transitioned its card issuing services to PSI-Pay Ltd, which is authorized by the FCA in the UK.

Conclusion and Rating

Compliance Rating: Orange

Customer Review: Green

We rate Pockit’s compliance status as orange due to its historical connection with Wirecard, which introduces some risk factors. However, the company’s current transparency and regulation by the Financial Conduct Authority (FCA) are positive aspects that demonstrate a commitment to compliance standards.

Customer-wise, we rate Pockit green since they meet all user satisfaction criteria, and there are no significant complaints regarding functionality or service quality.