Pockid receives four million euros

The company positions itself as a bank for young people. It now wants to use the money 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 that was founded specifically for Generation Z. This means it appeals to teenagers and young adults born in the late 1990s or 2000s. Pockid now wants to use the money to further develop its product and expand its community. Over 50,000 people already follow the start-up on the video platform TikTok.

Why do we even need a bank for young people? 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, with the existing solutions, for example the Girocard, they hardly have any way of fulfilling their own digital needs," he explains. A survey by Pockid showed that around one in three young people had already counterfeited an online payment service. "At the same time, German young people have one of the highest disposable incomes in the world." The company wants to take advantage of this opportunity.

Pockid offers a bank account with a virtual and physical Debit Mastercard. The account cannot be overdrawn and parents receive an overview of the finances of minors, but cannot see all the details of the transactions. There is also an iOS and Android app. This offers access to modern payment options as well as categorization of transactions. Onboarding is completely digital.