London fintech receives millions in investments as Newcastle base drives expansion
A London fintech has received a £1m investment from a UK finance provider as it aims to invest in a Newcastle base and staff.
The North East office of Maven Capital Partners has invested £1m into Fintech platform, Pockit, as part of its £15m Series B funding round.
The business has also secured £1m funding through the North East Development Fund, supported by the European Regional Development, and £1.3m via private investors, Crowdcube and the Future Fund, a government scheme backed by the British Business Bank.
Funding will allow the business to invest in its newly opened Newcastle base as it aims to expand and launch a recruitment drive, creating 17 new jobs over the next year.
David Nixon, investment manager at Maven, commented: “Expanding its London operation and opening a Newcastle base allows Pockit to join the city’s thriving digital cluster and benefit from the local Fintech talent we have here.
“The platform supports a growing market unable to access traditional high street banking products.
“We’re excited to back Virraj and the team at such a pivotal point in the company’s growth journey and are looking forward to working with the business as they execute their expansion plans.”
Virraj Jatania, founder of Pockit, said: “We are excited about our expansion into Newcastle, which is one of the most vibrant cities in the United Kingdom.
“We have been impressed with the quality of talent in the region and the way in which we have been welcomed into the local business ecosystem.
“We are looking forward to our partnership with Maven who are one of the leading investors in the United Kingdom and will be a strong partner in the years to come.”
Jason Hobbs, chief executive of the North East Fund, added: “It’s great to see a FinTech business improving the experience for vulnerable customers and promoting financial inclusion.
“We are delighted Maven and the North East Fund has supported the business as it scales its operation within the region.
“More and more digital businesses are opening a North East base and the region is fast becoming a prime area for tech businesses to locate because of our growing and collaborative sector and impressive workforce and the availability of venture funding through programmes such as The North East Fund.
“Although 2020 was extremely difficult, British entrepreneurship has a deserved reputation for resilience and innovation and we are committed to supporting ambitious small businesses.”
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