Pockid receives four million euros

The company positions itself as a bank for young people. With the money, it now wants to expand its community, among other things.

The Hamburg-based fintech Pockid has successfully completed its seed financing round. The start-up was able to raise four million euros. The round was led by Berlin-based early-stage investor Cavalry Ventures. Vorwerk Ventures also contributed money.

Pockid sees itself as the first German neobank founded specifically for Generation Z. It thus appeals to teenagers and young adults. This means it is targeting teenagers and young adults born in the late 1990s or in the 2000s. With the money, Pockid now wants to further develop its product and expand its community. More than 50,000 people already follow the startup on the video platform TikTok.

Why do we need a bank for young people at all? The company's co-founder and CEO Jes Hennig explains that Generation Z has grown up with in-game purchases, subscription models and e-commerce transactions. "However, they have little opportunity to meet their own digital needs with existing solutions, such as the Girocard," he explains. A survey by Pockid, for example, showed that around one in three young people had already forged an online payment service. "At the same time, German young people have some of the highest disposable income in the world." The company wants to take advantage of this opportunity, he said.

Pockid offers a bank account with virtual and physical debit Mastercard. The account can't be overdrawn, and parents get an overview of finances for minors, but can't see all the details of transactions. There is also an iOS and Android app. This offers categorisation of transactions alongside access to modern payment options. Onboarding is entirely digital.