Pockit is making strategic moves to enhance its growth potential by appointing experienced leaders to its board.
- Gene Lockhart, former Mastercard International president and CEO, has joined Pockit to aid in executing scaling plans.
- Lockhart’s inclusion follows Pockit’s acquisition of Monese, expanding its user base and growth prospects.
- Malcolm Le May, former CEO of Vanquis Banking Group, also joins Pockit, boosting its governance.
- The strategic appointments aim to solidify Pockit’s position as a key financial service provider for the ‘unbanked’.
Pockit is focused on strengthening its strategic leadership as the company embarks on an ambitious growth trajectory. The recent appointment of Gene Lockhart, a seasoned financial industry leader, reflects this direction. With a history of leading major financial institutions, including Mastercard International, Lockhart brings valuable expertise to Pockit as it positions itself to serve the ‘unbanked’ population. Lockhart expressed his enthusiasm about Pockit’s potential, stating, ‘I can see [Pockit’s] real potential for further growth and am excited to play my part in that.’
The acquisition of Monese marked a significant milestone in Pockit’s expansion strategy. Following a debt agreement, Pockit now has access to Monese’s considerable user base, estimated at around three million. This move not only increases Pockit’s scale but also propels its service offerings, which aim to prevent financial exclusion. The acquisition occurred during a challenging period for Monese after HSBC devalued its stake in the company to zero.
Adding to the boardroom expertise, Malcolm Le May comes on board, enhancing governance with his extensive experience as a former CEO and executive chairman of Vanquis Banking Group. Le May highlighted the value Pockit presents, ‘Pockit offers a set of essential products to people who would otherwise risk being excluded from vital financial services.’
Pockit’s expansion and governance strengthening efforts come at a pivotal moment. Founder and CEO Virraj Jatania views these board appointments as critical for the company’s future: ‘This is therefore the optimal time for us to be strengthening our corporate governance and building out our board with the addition of two industry stalwarts in Gene and Malcolm.’ These appointments are intended to fortify Pockit’s ability to achieve its mission of becoming a primary financial service provider for underserved markets.
Pockit’s strategic enhancements with seasoned leaders aim to fortify its mission to serve the financially underserved.
