Alex Ferguson invests in prepaid card startup Pockit
23 May 2014 | 9401 views | 13
Legendary former Manchester United manager Alex Ferguson thinks he's spotted a winner in the fintech world, investing in prepaid card startup Pockit.
Ferguson - who will be hoping that he is better at picking startups than managers - is one of several high-profile investors including Mark Newton-Jones, the interim CEO of Mothercare, to participate in Pockit's first funding round worth around £1 million.
Founded in 2011 by Danny, Yuvraj and Virraj Jatania, Pockit charges users £4.95 for a prepaid card that can be topped up at 28,000 UK locations and used for purchases wherever MasterCard is accepted.
The company has secured deals with major retailers including M&S, B&Q and Toys R Us that see customers get cashback on purchases.
Says Ferguson: "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."