According to News, Gene Lockhart, the former head of Midland Bank, and Malcolm Le May, a well-known City figure who has served on several financial sector boards, will join Pockit as non-executive directors.
The additions, which will be revealed later this week, follow Pockit’s announcement that it had acquired Monese, a fintech company with HSBC as one of its investors.
The transaction is thought to be revolutionary for Pockit, however it is still pending regulatory approval.
It will establish a business that serves about 3 million clients and brings in close to £30 million annually.
The Jatania family, Concentric, and Puma Growth Partners are leading Pockit is shareholders in injecting up to £15 million in equity to finance the deal and future growth.
“The acquisition of Monese is a game-changer for Pockit, adding real scale to our business and opening up a range of exciting new growth opportunities,” stated Virraj Jatania, the company’s founder and CEO.
