Terms of the deal - subject to FCA approval - were not disclosed but Pockit and its shareholders, led by Puma Growth Partners, are committing up to £15 million in equity capital to fund the integration and future growth of the business. The agreement comes days after it emerged that HSBC has written off its stake in Monese just two years after investing $35 million in the mobile banking fintech. Launched in 2015, London and Tallinn-based outfit Monese began life targeting expats and immigrants who typically struggle to get a traditional bank account. However, early this year it booked a £30.5 million loss in accounts filed for 2022 and warned of its ability to continue as a going concern unless it could raise additional funds. It did secure funds soon after but both HSBC and another major backer, Sweden’s Kinnevik, have written off their investments. By acquiring Monese, Pockit says it is creating the leading fintech for the financially underserved and lower-middle-income consumers across the UK and Europe, serving around three million customers and generating almost £30 million in annualised run-rate revenue. Pockit will benefit from Monese’s regulatory infrastructure (including electronic money and consumer credit licenses) and geographic footprint as well as products, including Monese’s multi-currency accounts. Pockit CEO Virraj Jatania will lead the enlarged business with Monese boss Norris Koppel staying on for a period to smooth the transition. Says Jatania: “This is a transformational acquisition for Pockit. It 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. "While nothing will change for our 3 million customers in the short term, over time this deal will result in new products and an enhanced in-app money management experience."