Having started life as a prepaid card, Pockit now allows anyone – including the 20.2 million people across the UK who it says can’t access basic financial services – to open a current account in minutes.

Users can send and receive money internationally, set up direct debits, deposit and withdraw cash in 27,000 stores across the UK, make online and in-store purchases, and get an advance on their salary. The app also has a credit building feature and budgeting tools, as well as cashback rewards and customer perks.

With an 800,000-strong userbase, the company is stressing its value to people hit by the current cost-of-living crisis where one in seven families is going without essentials and a almost a third of the population can’t access basic services.

The new funding will be used to grow Pockit’s customer base and diversify its product suite, while the firm also has ambitions to expand beyond the UK.

Virraj Jatania, CEO, Pockit, says: “For too long, low-income and underserved communities have been let down and left behind by financial services. At Pockit, we’re committed to not only opening doors for these people, but giving them the tools and support they need to feel financially empowered.

“It’s a problem that has been growing for years, and in the wake of the current economic climate, it’s only set to become more entrenched and more devastating for millions. We want to be the financial champion for those who need it most and this funding allows us to continue being there for even more people in many more ways.”