Pockit
Accounts for the UK's financially excluded; absorbed Monese's consumer base.
Accounts for the underbanked; absorbed Monese users.
- Who holds it
- An e-money institution holds your balance in a safeguarding account — E-money via FCA-authorised EMIs (Modulr, PSI-Pay); owns Monese's EMI license.
- The ledger
- The e-money institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from Pockit’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · underbanked |
| HQ | London, UK |
| Founded | 2014 |
| Custody | Custodial |
| Regulation type | E-money institution |
| License detail | E-money via FCA-authorised EMIs (Modulr, PSI-Pay); owns Monese's EMI license |
| Card | MC · Prepaid |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Europe |
| Founders | Virraj Jatania |
Verified links: official site ↗
Common questions about Pockit
What is Pockit?
Pockit is a fiat neobank built for underbanked, headquartered in London, UK and founded in 2014. Your money is held custodially, so Pockit or its partner bank holds the balance and you hold a claim on it. It is regulated as an e-money institution (E-money via FCA-authorised EMIs (Modulr, PSI-Pay); owns Monese's EMI license).
Does Pockit have a card, and where can you use it?
It issues a Mastercard prepaid card. It is available in Europe.
Does Pockit require KYC?
Yes. Pockit requires identity verification (KYC) to open an account, as a e-money institution.
Head-to-head
Pockit vs Suits Me · Pockit vs Nickel
Peers
Monzo · Wise · Starling Bank · Atom Bank · Zopa Bank · Chase UK
Pockit appears in
Neobanks authorised as e-money institutions (48) · Neobanks available in Europe (144) · Neobanks built for the underbanked (23) · Neobanks that issue a Mastercard (150) · Neobanks in United Kingdom (29)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.