IBS Journal December 2016
11
Pockit pockets 100,000 customers
ockit says it is the first UK neo-bank to pull in 100,000 customers, taking it past Monzo, Atom and Tandem in the battle of the new entrants. The venture targets those who are excluded from mainstream banking. £100 million has thus far been transacted and the startup has raised £6 million from investors including Concentric Ventures, payments entrepreneur Harold Mechelynck, Mothercare CEO Mark Newton-Jones, and former Manchester United Manager Sir Alex Ferguson.
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Earlier this year, Virraj Jatania, CEO, and Co-Founder of Pockit, told IBS Journal: “Consumers who’ve been rejected by traditional banks or poorly treated by them often end up outside the financial mainstream and having to rely
on cash. Being financially
excluded means missing out on the savings available through direct debits and online shopping.
The no-nonsense bank-style account that we have developed is an ideal solution not only for the financially excluded but also for customers of traditional banks who are unhappy with their existing current account.”
Scott Thompson UK stumbles as FinTech deals keep flowing
by 27% to $15.2 billion in Q3 2016 with 839 deals in total, according to industry association, Innovate Finance. Funding has already surpassed the 2015 total of $14.9 billion.
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The UK, however, struggled with VC investment for FinTechs decreasing by 26% to Q3 2016 to $532 million, approximately half of the 2015 total of $1.1 billion. This was possibly due to the referendum result on Brexit and the future uncertainty of the relationship between European markets and the financial services sector. No such problems for China which outpaced the US for the first time in deal value while the US saw the highest deal volume with 10 of the top 20 global deals.
The top three came
verall global FinTech investment increased
from China, with Alipay, Lufax and JD Finance leading the charge and raising over $6.7 billion collectively. InsurTech firm Oscar led the US rounds, attracting the most funding at $400 million. The UK attracted 76 deals this year, the highest volume outside the US at 457, and remained third place behind the US and China in terms of total FinTech investment, which valued $532 million.
Lawrence Wintermeyer, CEO of Innovate Finance, comments: “The UK government needs to be bold and use the tools it has at its disposal such as the British Business Bank to support the sector. This will become increasingly important with the potential loss of EU funds such as the EIF. While Brexit uncertainty may continue to have an impact on investor behaviour, remaining attractive to international talent is just as important to maintaining the UK’s current position as the world’s premier FinTech hub. Ahead of the Autumn Statement, Innovate Finance urges the Chancellor to ensure the UK continues to drive investment and innovation, attract talent and maintain an open trading relationship with the EU and globally.”
Scott Thompson
www.ibsintelligence.com
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