Prepaid card provider Pockit is poised for a major consumer launch following the completion of a first round of funding which has attracted a number of high profile investors including Sir Alex Ferguson and Mark Newton-Jones, the interim CEO of Mothercare.
The online business was founded by Danny, Yuvraj and Virraj Jatania in late 2011. Since then it has raised over GBP1m from a group of external investors which comes on top of an initial GBP1m seed funding by Danny Jatania, co-founder of Lornamead.
Over the last few months Pockit has further strengthened its senior management team and invested in a new website and platform in readiness for a major marketing push which is set to disrupt the prepaid card market through innovation and aggressive growth.
In its first test year, Pockit was singled out as the best newcomer in the PrePaid 365 Awards for its exceptional customer value and innovative approach. By securing exclusive deals with a number of high street retailers Pockit customers can earn up to 10% cashback when they shop in-store or online.
Customers can load their Pockit card with cash at 28,000 locations in the UK and can then use it to make withdrawals or purchases online and in stores.
Pockit co-founder Virraj Jatania said: “We are delighted to have completed the investment round and in particular the backing from Sir Alex Ferguson and Mark-Newton Jones which demonstrates the confidence they have in our business model and growth plans. Whilst they come from completely different backgrounds, football and retail respectively, both of them have shown how an organisation can be built to dominate their space and help change their industries.
“As a business Pockit is all about being entrepreneurial and having an intuitive understanding of what builds customer and stakeholder loyalty, two qualities both Sir Alex and Mark share in abundance.”
Sir Alex, the most successful manager in the history of British football, commented:
“I am excited by the plans for Pockit, their management team is superbly placed as the Jatania family has an outstanding track record of building businesses from the ground up and growing brands. I am looking forward to watching the business develop.”
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