Cavalry x Pockid

The Hamburg-based fintech was founded in 2020 by Jes Hennig, Max Schwarz, Timo Steffens, Deepankar Jha. As the first dedicated banking app for young people, Pockid offers a bank account with virtual and physical debit Mastercard. The iOS and Android app enables age-appropriate banking in a secure environment, making it the first “Gen Z Neobank” that allows young people to independently pursue their hobbies and meets their needs.

Pockid has replaced complex account opening processes for under-18s with a completely digital onboarding process. The account can be opened in just a few minutes and provides direct access to the virtual Mastercard.

What else excited us about the app: Pockid offers categorisation of transactions in the app which — along with other educational elements — helps young people handle their own finances. High security standards are also enabled via real-time card control. Here, both the virtual and the physical Mastercard can be controlled with just a few clicks, for example to switch contactless payment on or off or to block the Mastercard in an emergency.

But that’s not all: Pockid has built in another security layer to help young users gradually achieve financial independence. The Pockid account works on a prepaid basis, so it cannot be overdrawn. For young people under 18, parents also receive a separate overview of the account. This gives them the necessary security without being able to see every detail of their children’s transactions. This builds a trusting bridge between parents and young people, integrating the important topic of finances into everyday family life.

The short videos, which are mainly produced in-house, attract a lot of attention among the target group and create a high level of identification with the brand, resulting in several thousand account openings in just a few weeks.

For us, several aspects and trends come together here that we find exciting, promising and worth supporting. In no other area is democratisation through tech taking place as strongly as in the financial sector — all thanks to open banking. Open banking heralds an unstoppable, fundamental upheaval that potentially leaves established banking business models on the brink of extinction. The future belongs to those who focus on customer centricity and who are able to generate a positive customer experience. And so more and more groups of people are now finding a product that suits them: be it a financial app specifically tailored to women, an age group or people who belong to a certain religion. We firmly believe that the entire global economy will benefit from people finding access to financial freedom and independence through products tailored to them.

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