Pockit has formed a new partnership with TransferWise to improve its international money transfer services for customers.

The FinTech focusses on customers who are excluded and underserved by High Street banks, and the new deal will allow Pockit’s 500,000-plus customers to access TransferWise’s global payment platforms from their Pockit accounts.

TransferWise says it will enable Pockit's customers to access faster international transfers with “lower and more transparent rates”.

International money transfers are currently offered by Pockit, with customers able to easily send money to over 29 countries, make payments in other currencies and withdraw cash from ATMs abroad.

But it says the partnership with TransferWise will “greatly improve and enhance” the overall experience for its customers, allowing them to send and receive money digitally across 2,500 routes and through 54 different currencies.

Virraj Jatania, chief executive and founder of Pockit, said: “Transferring money abroad is a key service and during the first UK lockdown Pockit saw a 33 per cent increase in international money transfers by our customers.

“As a direct result we have formed this partnership with TransferWise, which will deliver greater benefits to our growing customer base - faster international payments with lower and more transparent rates, all without leaving the Pockit app.”

Steve Naudé, head of products at TransferWise for banks, added: “With this partnership Pockit’s customers will be able to access TransferWise’s benefits wherever they are, with increased speed and efficiency.”

Earlier this month, Pockit announced the successful closing of a £15 million Series B funding round.

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