A bank account for Generation Z

Neobank Pockid is launching an account for the late 90s to 2010 generation, with a debit card also available in partnership with Mastercard.

The Generation Z target group is still a mystery to many a company, but Hamburg-based fintech Pockid wants to do things differently: Starting in April, Neobank is partnering with Mastercard to offer an account with app and card for 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 rely on their parents' credit. "With Pockid, we want to close this gap and offer a combination of a 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 an allowance manager and have their own access to the account, which they can lock at any time. Those over 18 have full control of the account. For Gen Z, the fintech has developed digital features, such as analyzing income and expenses. Users can also transfer, request and send money digitally. "Pockid gives GenZ the ability to manage their own account and make digital and contactless payments with their Debit Mastercard, with full cost control," said Mastercard division president Peter Bakenecker.