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Fintech increases clients, users, and revenue with latest $2.6M capital raise
DETROIT—Pocketnest, the female-founded financial wellness platform, announces its latest $2.6M capital raise from a round led by Reseda Group.
Marking nearly $5M raised to date, the funds will drive product development, sales and marketing initiatives, and support a 24-month runway.
Leading up to this raise, the fintech experienced explosive growth since December 2021:
250 percent growth in new users
100 percent growth in annual recurring revenue
75 percent growth in new clients, with 35 total clients, including MSU Federal Credit Union (MSUFCU), Service Credit Union, Community Financial Credit Union, The Accel Group, TDC Investment Advisory, The Henry Ford, Altruist, Autobooks, and more.
100 percent growth in development team headcount, reaching 20 total employees, with plans to expand the sales and marketing teams in 2023
"We see massive growth and opportunity in Pocketnest and wholly align with their mission of spreading more inclusive access to financial wellness," said Ben Maxim, chief technology officer, Reseda Group; and chief digital strategy and innovation officer, MSUFCU. "Pocketnest has a foothold in fintech and can help financial institutions completely reinvigorate their brand, their tech, and their millennial engagement—all while bringing financial wellness to their communities."
The Pocketnest team stacked awards and accolades throughout the year, including Wells Fargo’s 2022 Innovation Challenge finalist designation with a corresponding $50K award.
“Even in this volatile market, we were able to secure $2.6M of capital in 10 days—a true testament to the value of our platform and the potential it represents for our clients, investors, and most of all, end users,” said Jessica Willis, CEO and founder, of Pocketnest. “Our scrappy, elbow-grease approach drives our consistent ‘hockey-stick’ growth while sustaining a very generous runway.”
Pocketnest licenses its platform to financial institutions to boost their cross-sell opportunities; it also licenses to employee wellness programs to help employers boost recruitment, productivity, and retention. Built on behavioral science and psychology, Pocketnest coaches users through 10 themes of financial wellness. Its gamified, almost-addictive approach draws users into the app to keep their financial plan up to date—in just three minutes a week.
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Pocketnest, Inc.™ is a Google-accelerated financial wellness app that coaches users through 10 themes of financial wellness. The platform helps users identify and fill gaps in their plans, while identifying cross-sell opportunities for the financial institutions they license to like banks, credit unions, investment advisors, 401k plan sponsors; and employee wellness programs. Launched in 2019, the fintech has been recognized as one of the world’s most innovative startups.