British FinTech Pockit has agreed to acquire London-based money app Monese for an undisclosed sum.

As part of the deal, Pockit and its shareholders – led by Puma Growth Partners (formerly Puma Private Equity) – will invest up to £15 million in equity capital to support the integration and growth of the business.

The move comes days after media reports revealed that HSBC had written off its stake in Monese.

Launched in 2015, Monese is a pan-European finTech that offers smart money services to millions of consumers across UK and Europe.

Pockit aims to provide financial services to people whose needs aren’t being met by the traditional banking system, with 900,000 people currently using the company’s digital account.

Pockit says that the acquisition will enable the newly established group to serve a combined client base of around three million customers with a forecast of almost £30 million in annualised run-rate revenue.

Pockit will seek to use Monese’s regulatory infrastructure (including electronic money and consumer credit licenses) and its operational knowledge as the firm prepares to launch several complementary products and services, including Monese’s multi-currency accounts.

The business also noted that the two firms will continue to run independently as they complete a longer-term integration process that will see customers benefit from an expanded product offering and enhanced customer service capabilities.

The deal will see Pockit founder and chief executive Virraj Jatania take the reins to lead the expanded business.

Chief executive and founder at Monese Norris Koppel will remain involved until the integration is fully complete.

Jatania, said the acquisition will allow the firm to support financial inclusion for a critical mass of people who would otherwise be locked out of mainstream finance.

“While nothing will change for our three million customers in the short term, over time this deal will result in new products and an enhanced in-app money management experience,” he continued.

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