UK challenger Monese to be acquired by fellow fintech Pockit

Pockit, a UK fintech, is acquiring Monese, a mobile banking provider, aiming to create a fintech platform for financially underserved and lower-middle-income consumers across the UK and Europe.
The deal, pending FCA approval, follows HSBC and Kinnevik writing off their stakes in Monese due to the company’s reliance on new funding.
Pockit, alongside Puma Growth Partners and other shareholders, will invest £15 million in equity capital into the venture.
The acquisition won’t affect customers initially, with Pockit and Monese services running separately until after a review and integration process.
The merged entity will serve around three million customers and generate approximately £30 million in annual revenue.
Pockit started as a prepaid card provider in 2014 and now offers digital accounts, cross-border transfers, and early wage access.
Virraj Jatania, Pockit’s CEO, will lead the expanded venture, with Norris Koppel of Monese assisting with the transition.