Pocketnest Raises Fresh $2.6 Million Funding Round Pocketnest Raises Fresh $2.6 Million Funding Round
Pocketnest app

Pocketnest Raises Fresh $2.6 Million Funding Round

A platform that seeks to educate users about financial topics has closed its second funding round in 2022. This week, Pocketnest announced that it had raised $2.6 million. The latest seed round was led by Reseda Group and follows a $2 million round the company raised earlier this year. To date, Pocketnest has now raised nearly $5 million. According to the FinTech, these funds will support a 24-month runway and will be used to help drive product development as well as sales and marketing initiatives.

Launched in 2019, Pocketnest is a financial wellness app that helps individuals learn about such topics as investing, insurance, tax planning, and much more. Rather than marketing directly to consumers, the FinTech licenses its platform to financial institutions. As the company notes, since December 2021, the service has seen a 250% increase in new users, 100% growth in annual recurring revenue, and a 75% rise in new clients. Additionally, the startup has doubled its development team headcount to 20 total employees. Pocketnest also says it plans to expand its sales and marketing team in the new year.

Announcing the funding raise, Pocketnest founder and CEO Jessica Willis said in a statement, “Even in this volatile market, we were able to secure $2.6 million of capital in 10 days—a true testament to the value of our platform and the potential it represents for our clients, investors, and most of all, end users.” Willis went on to note, “Our scrappy, elbow-grease approach drives our consistent ‘hockey-stick’ growth while sustaining a very generous runway.”

Additionally, Reseda Group’s chief technology officer Ben Maxim said of the firm’s investment, “We see massive growth and opportunity in Pocketnest and wholly align with their mission of spreading more inclusive access to financial wellness. Pocketnest has a foothold in fintech and can help financial institutions completely reinvigorate their brand, their tech, and their millennial engagement—all while bringing financial wellness to their communities.”

Pocketnest’s latest seed round speaks to at least a couple of funding trends seen throughout 2022. First, while there have been plenty of “megarounds,” early round FinTech funding has also proven robust. On top of that, although previous FinTechs of this nature may have focused on a customer-facing app, more recent developments have seen companies looking to license their services much the way that Pocketnest does. With this year coming to a close, perhaps this funding will signal a happy new year for Pocketnest and the rest of the FinTech sector.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....