Former Vanquis and MasterCard chiefs pick Pockit for new board seats

Former bosses of Vanquis Bank and MasterCard's international businesses are joining the board of a fintech which specialises in serving 'unbanked' consumers.

Sky News understands that Malcom Le May, a prominent City figure who has sat on a string of financial services boards, and Gene Lockhart, who also ran Midland Bank, will become non-executive directors of Pockit.

The appointments, which will be announced later this week, will come soon after Pockit announced the acquisition of Monese, a fintech which counted HSBC among its backers.

The deal, which remains subject to regulatory approval, is regarded as being transformational for Pockit.

It will create a company serving approximately 3 million customers and generating nearly £30m in annualised revenues.

To fund the deal and future growth, Pockit's shareholders, led by Puma Growth Partners, Concentric and the Jatania family are injecting up to £15m in equity.

Virraj Jatania, founder and CEO of Pockit, said: "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.

"This is therefore the optimal time for us to be strengthening our corporate governance and building out our board with the addition of two industry stalwarts in Gene and Malcolm.

Mr Le May said: "Pockit offers a set of essential products to people who would otherwise risk being excluded from vital financial services.

"The acquisition of Monese will dramatically accelerate Pockit's access to the large underserved communities across the UK and Europe."