Pockit, the inclusive FinTech company focussed on customers who are excluded and underserved by high street banks, announces today that it has formed a new partnership with TransferWise, the global technology company that is building the best way to move money around the world.
The partnership will improve international money transfer services and will allow Pockit’s 500,000+ customers to access TransferWise’s leading global payments platforms from their Pockit accounts. TransferWise will enable Pockit's customers to access faster international transfers with lower and more transparent rates.
Pockit's ambition is to provide better products and services to the underserved 11 million customers in the UK that struggle to access basic financial services from high street banks. International money transfers are currently offered by Pockit, with customers able to easily send money to over 29 countries, make payments in other currencies and withdraw cash from ATMs abroad. The partnership with TransferWise will greatly improve and enhance the overall experience for Pockit’s customers, allowing them to send and receive money digitally across 2500 routes, and through 54 different currencies.
Whether sending money to another country, spending money abroad, or making and receiving international business payments, TransferWise is on a mission to achieve money without borders; instant convenient, transparent and eventually free. Currently sending money via TransferWise is eight times cheaper than traditional transfer methods in the UK, and, as a result, TransferWise now serves nine million customers, across its business and consumer products.
Virraj Jatania, CEO & Founder of Pockit, commented: “Helping our customers take greater control of their financial affairs, through fair and open access to a full range of services, is Pockit’s ultimate motivation. Transferring money abroad is a key service and during the first UK lockdown Pockit saw a 33% increase in international money transfers by our customers. As a direct result we have formed this partnership with TransferWise, which will deliver greater benefits to our growing customer base: faster international payments with lower and more transparent rates, all without leaving the Pockit app.”
Steve Naudé, Head of Product at TransferWise for Banks added: “At TransferWise, our goal is to make people’s financial lives easier, and save them money on the way. While it might be unrealistic to bring seven billion people to TransferWise, we can take TransferWise to seven billion people, through partnerships and shared technology. With this partnership, Pockit’s customers will be able to access TransferWise’s benefits wherever they are, with increased speed and efficiency. We’ll be bringing our transparent payments infrastructure to even more people who need faster, and better international services. Ultimately, bringing us one step closer to achieving our mission of money without borders, for people all over the world.”
Today’s announcement marks the latest success for Pockit in 2020, a year in which demand for its remote current account services has risen significantly. Earlier this month Pockit announced the successful closing of a £15 million Series B funding round, its first ever crowdfunding campaign, hosted by Crowdcube and backed by the Future Fund, and a new partnership with Railsbank, providing a sustainable platform for the next stage of Pockit’s growth.