"Gen Zs are socialized with in-game purchases, subscription services and e-commerce transactions. However, they have little opportunity to meet their own digital needs with existing solutions, such as the Girocard. In a survey we conducted, we found out that more than one in three German teenagers has already forged an online payment service. At the same time, German young people have some of the highest disposable income in the world. We want to take advantage of this opportunity and offer added value. We are very happy to have Cavalry Ventures and Vorwerk Ventures on board, two strong VCs that support us in getting closer to our vision ‘Empower Europe's young generation to become financially independent’", says co-founder & CEO Jes Hennig.

Tailor-made offer for the demands of young users

As the first dedicated banking app for young people, pockid offers a bank account with virtual and physical debit Mastercard. The iOS and Android app enables age-appropriate banking in a secure environment, making it the first "Gen Z Neobank" that allows young people to independently pursue their hobbies and meet their needs.

In addition, pockid offers categorization of transactions in the app, which, along with other educational elements, helps young people get to grips with their own finances. High security standards are also enabled via real-time card control. Here, both the virtual and the physical Mastercard can be controlled with just a few clicks, for example to switch contactless payment on or off or to block the Mastercard in an emergency.

Simplified processes and parental overview for more security

pockid has replaced complex account opening processes for under-18s with a completely digital onboarding process. The account can be opened in just a few minutes and provides direct access to the virtual Mastercard.

The pockid account works on a prepaid basis, so it cannot be overdrawn. For young people under 18, parents also receive a separate overview of the account. This gives them the necessary security without being able to see every detail of their children's transactions. This builds a trusting bridge between parents and young people, integrating the important topic of finances into everyday family life.

Rapid growth in new channels

Since its launch in June 2021, pockid has relied on authentic communication channels that are close to the target group and, compared to other European neo banks, has been able to build the largest fan base on TikTok, with over 50 thousand followers and millions of views, in a short time.

The short videos, which are mainly produced in-house, attract a lot of attention among the target group and create a high level of identification with the brand, resulting in several thousand account openings in just a few weeks.

"Gen Z has a keen sense of how authentically brands communicate and act. We take this honest and direct feedback very seriously and attach great importance to close and constant exchange. This is how we were able to build up an active community in just a few months. Our users use account & Mastercard frequently and are also very happy to recommend it to others, without us currently incentivizing this. In order to continue to be as authentic as possible, we rely on a young, diverse team and a close exchange with the target group," explains co-founder & CMO Max Schwarz.

Pockid's success to date and promising prospects are also generating a lot of interest among venture capital investors. "The Pockid team understands and speaks the language of Gen Z like no other provider on the market. Pockid has a clear vision to deliver real value to its users that goes far beyond the typical bank account. At Cavalry, we are excited to partner with Pockid and look forward to supporting the team as they become the European champion for Gen Z banking," comments Martin Janicki, Principal at Cavalry Ventures.

Fresh capital for new features & campaigns

The fresh capital will be used to implement new features relevant to target groups. The goal is to develop the bank account with Mastercard into an everyday "digital enabler" and to create added value especially in the area of social commerce & gaming. Further investments are also being made in building up the community in order to grow closely with the target group.

The current 11-member pockid team is to be expanded to include additional key positions with international experience in order to take the first steps outside Germany.

“pockid´s focused approach towards an in terms of banking and online payment solutions desperately underserved target group, which is natively socialized online and showing similar behavior across borders, in addition to an outstanding product and founding team with relevant industry backgrounds ultimately convinced us to invest. We at Vorwerk Ventures are excited to team up with pockid and support them towards becoming the leading banking and payment solution for the Gen Z,” adds Peter Schmetz, Investment Manager at Vorwerk Ventures.