Ex-Mastercard And Vanquis Chief Executives Join Pockit Board Of Directors

According to a recent report, the former leaders of Mastercard and Vanquis have joined the board of a UK fintech company called Pockit. This is coming right after Pockit bought another company, Monese, which helps with mobile banking.

Gene Lockhart, ex-Chief Executive Officer of Mastercard, and Malcolm Le May, the former Chief Executive Officer of Vanquis Banking Group, are now part of Pockit’s board. They are joining as the company plans for new growth.

The Company Plans To Be A Top Fintech For Lower-Middle-Income Clients

Lockhart has a lot of experience. Besides being the Chief Executive Officer of Mastercard, he also worked at Bank of America and Midland Bank. After leaving Mastercard, Lockhart became a big investor in the fintech world.

He is the co-founder and chairman emeritus of Mission OG, a growth fund in the United States. He is also a senior advisor at Blackstone and has helped other companies like General Atlantic. Lockhart was an early supporter of Nubank and served as chairman of Netspend. He was also a board member at Featurespace through his work with Mission OG.

Le May has a long history in finance too. He has worked as a director at many financial companies, including RSA plc and IG Group. He was also a senior advisor at EY. Le May spent many years in corporate and investment banking, asset management, and private equity. He held senior jobs at ING, UBS, Barclays, and BZW.

In a statement about his new role at Pockit, Lockhart said he had led some of the biggest financial services companies and worked closely with successful fintech businesses. He noted that Pockit had real chances to grow, and he was excited to help.

After buying Monese, Pockit aims to be the top fintech for people who need more financial help, especially lower-middle-income customers in the UK and Europe. The company serves around three million customers and hopes to make nearly £30 million in revenue each year.

Pockin Wants To Use Monese’s Licenses And Products For Growth

Pockit plans to use Monese’s important licenses and products, including the multi-currency accounts, to help with its growth. The company will also get help from Monese’s regulatory framework.

According to a report, Pockit and its investors, which include Puma Growth Partners, Concentric, and the Jatania family, are putting in up to £15 million to help with the joining of the two businesses and their future growth.

Virraj Jatania, the Chief Executive Officer and founder of Pockit stated that buying Monese was a big change for Pockit, adding real size to the business and opening up many exciting new chances. He noted that it was the best time to strengthen the board by adding Gene and Malcolm, who are both important figures in the industry.