UK-based inclusive fintech company Pockit has raked in £15m in a Series B funding round, including a crowdfunding round of £500,000 hosted by Crowdcube.
The fresh investment came from existing investors and some new investors, who will get a convertible loan note with 8% annual interest.
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The amount raised in the latest funding round will be matched by the Future Fund, a funding scheme designed and delivered by the UK government and British Business Bank, respectively.
The crowdfunding campaign was hosted to help Pockit’s customers and supporters to invest in the business.
The latest funding round brings the total amount raised by the company to date to £27m.
The company said that its investors have previously backed companies including Spotify, Bolt, Funding Circle, Houst and Wheely, among others.
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By GlobalDataThe funding comes after Pockit migrated its payment services from the scandal-hit German payments company Wirecard to PayrNet – a payments subsidiary of Railsbank – last month.
Launched in 2014, Pockit has over 500,000 users.
It provides these users with a current account, and a Pockit contactless prepaid Mastercard.
It enables annual savings of £557 on everyday shopping with Pockit cashback deals, for every customer.
Pockit founder and CEO Virraj Jatania said: “Launching a crowdfunding campaign has been an ambition of ours for some time.
“Since its launch Pockit has helped over half a million customers to take control of their financial affairs, many of whom never previously had a current account that let them shop online or make contactless payments.
“This investment round provides the perfect opportunity for our loyal customers to join our established investors and own a piece of Pockit.”
Recently, US fintech firm Amount secured $81m investment in a Series C funding round to develop its retail banking and point-of-sale (POS) technology.
Further, teen banking app Step received $50m in a Series B funding round that was joined by celebrities such as singer Justin Timberlake.
