Pockit has made a strategic acquisition of Monese, securing its future amidst previous fundraising concerns.
- The acquisition follows Monese’s warning about significant uncertainty in its fundraising capabilities.
- Pockit’s CEO Virraj Jatania will continue to lead the expanded business with plans for sustained growth and integration.
- A debt agreement and potential equity injection up to £15 million have been set to facilitate Monese’s integration into Pockit.
- This move positions Pockit to enhance financial inclusion on a larger scale, supporting those excluded from mainstream finance.
Pockit has acquired Monese, a London-based fintech, for an undisclosed amount, ensuring Monese’s long-term viability after previously expressing doubts about its future fundraising success. This acquisition aligns with Pockit’s vision of expanding financial inclusion significantly.
Virraj Jatania, the founder and CEO of Pockit, is set to lead the newly expanded enterprise. Despite the acquisition, both companies will maintain their independent operations until a comprehensive review and integration process is completed. This strategic move is considered vital for the sustained growth of both entities.
Monese had recently entered into a debt agreement with Pockit, as per company filings, allowing Pockit to step in as a lender. In light of this agreement, Pockit plans to inject up to £15 million in equity capital, facilitating the seamless integration and future growth of Monese under Pockit’s umbrella.
According to Virraj Jatania, this acquisition “immediately propels us to a size where we can support financial inclusion for a critical mass of people who would otherwise be locked out of mainstream finance.” This statement underscores the company’s commitment to expanding its services to underserved communities.
The acquisition marks a significant step for Pockit towards enhancing financial inclusion and supporting underserved populations in finance.
