Pockit has acquired Monese for an undisclosed sum, securing the long-term future of the London fintech that had warned on its ability to raise funds.
Pockit founder and CEO Virraj Jatania will lead the enlarged business, with the two separate services continuing to run independently until a review and integration process has been completed.
Monese entered into a debt agreement in September, company filings show, with Pockit acting as the lender. The company said this week it would also provide an injection of up to £15 million in equity capital to fund the integration and future growth of the business.
Virraj Jatania, CEO and founder of Pockit, said the deal “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.”…
