Pockit, a Fintech targeting underserved demographics, says it has partnered with TransferWise to more efficiently move money around the world. Transferwise services will now facilitate Pockit users on international transfers.
Pockit seeks to cater to an estimated underserved 11 million customers in the UK that struggle to access basic financial services. International money transfers are currently offered by Pockit to over 29 countries, make payments in other currencies, and withdraw cash from ATMs abroad. The partnership with TransferWise is said to greatly improve and enhance the overall experience for Pockit’s customers, with 54 available currencies. Money transfers via TransferWise are estimated to be eight times cheaper than traditional transfer methods in the UK.
Virraj Jatania, CEO & Founder of Pockit, said 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 said 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.”
Transferwise has long partnered with banks to embed their services into establishment financial services firms.
Meanwhile, Pockit’s securities offering is scheduled to close in three days. Listed on Crowdcube, the offering stands at £915,000 supported by 974 investors. If you invest, you are purchasing a convertible security (similar to a SAFE) that offers a discount on a future funding round.
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