Pockit, a fintech company, has appointed former Mastercard CEO Gene Lockhart to its board, marking a significant move in its strategic growth plan.
- The company aims to become a leading financial services provider for the ‘unbanked,’ a demographic often overlooked by traditional banks.
- Lockhart brings a wealth of experience, having led major financial institutions and served in advisory roles.
- This appointment coincides with Pockit’s acquisition of Monese, expanding its user base significantly.
- The strategic moves underscore Pockit’s commitment to enhancing its corporate governance and growth potential.
Pockit has made a strategic appointment by bringing Gene Lockhart, the former president and CEO of Mastercard International, onto its board. This move aligns with Pockit’s aim to enhance its growth plan and establish itself as a primary financial services provider for the ‘unbanked,’ a term it uses to describe individuals who have limited or no access to traditional banking services. Lockhart’s history of leadership in prominent financial organisations, including his previous roles at Bank of America and Midland Bank, provides Pockit with a formidable resource in its quest for expansion.
Gene Lockhart has expressed his enthusiasm for joining Pockit at this crucial juncture, stating, “Having led some of the world’s largest financial services organisations and been so closely involved with some of the most successful global fintech businesses, I can see [Pockit’s] real potential for further growth and am excited to play my part in that.” His statement reflects not only his commitment but also the significant potential he perceives in Pockit’s business model.
Joining Lockhart is Malcolm Le May, the former CEO and executive chairman of Vanquis Banking Group, who also brings extensive expertise to Pockit’s board. Le May has highlighted the importance of Pockit’s offerings, noting that they provide essential financial products to individuals who might otherwise be excluded from accessing vital financial services. This inclusion is particularly significant given Pockit’s recent acquisition moves.
Pockit’s growth ambitions are further evidenced by its recent acquisition of Monese, which increased its customer base by approximately three million users. This acquisition followed a strategic debt agreement between Pockit and Monese in September. Despite Monese’s challenging period, including a valuation write-down by a major shareholder, the acquisition is viewed as transformative for Pockit. Pockit’s CEO, Virraj Jatania, described the acquisition as a “game-changer,” highlighting its potential to add real scale to the business and unlock new growth opportunities.
The recruitment of these seasoned professionals into its boardroom underscores Pockit’s strategic intent to strengthen its corporate governance. Such high-profile appointments are part of an overarching strategy to build a robust leadership team capable of navigating the complexities associated with scaling financial services for underserved populations.
Pockit’s recent strategic appointments and acquisitions signal a robust commitment to expanding its reach and influence in the financial services sector.
