A bank account for Generation Z

Neobank Pockid is launching an account for the generation between the late 90s and 2010. In collaboration with Mastercard, it is also offering a debit card.

The Generation Z target group is still a mystery for many companies, but Hamburg-based fintech Pockid wants to change that: From April, Neobank, in collaboration with Mastercard, will be offering an account with an app and card for all those born between the late 90s and 2010.

According to a survey commissioned by Pockid, most young people still receive their pocket money in cash, but spend it online and have to fall back on their parents' credit: "With Pockid, we want to close this gap and offer a combination of bank account, banking app and a debit Mastercard that young people can use to pay independently and securely both online and offline," says co-founder and CEO of Pockid Jes Hennig.

Pockid offers two products, Neo Beginner and Neo Pro. For under-18s, parents can set up the account, use a pocket money manager and have their own access to the account, which they can block at any time. Anyone over the age of 18 has full control over the account. The fintech has developed digital features for Gen Z, such as analyzing income and expenditure. Users can also transfer, request and send money digitally. "Pockid gives GenZ the opportunity to manage their own account and make digital and contactless payments with their Debit Mastercard - with full cost control," says Peter Bakenecker, Division President of Mastercard.