Sir Alex invests in pre-paid card firm
SIR Alex Ferguson and several other high profile investors have put £1m into a pre-paid card provider called Pockit.
The former Manchester United manager has invested alongside the former chief executive of Liverpool-based Shop Direct Mark Newton-Jones, who is now interim chief executive at Mothercare, and Ian Langley, founder of Manchester recruitment firm Air Energi which was sold by Palatine Private Equity to LGV Capital in late 2012.
The London-based business has also been backed by Denis Shafranik and Simon Barklem.
It was founded by Danny, Yuvraj and Virraj Jatania in late 2011 with around £1m seed funding from Danny Jatania, co-founder of London personal care products business Lornamead.
Pockit said it is planning to “disrupt” the pre-paid card market through innovation and aggressive growth. Customers can load their Pockit card with cash at 28,000 locations in the UK and use it to make withdrawals or purchases online and in stores. The company estimates around three million people do not have access to full banking and it is aiming the cards at this market.
Virraj Jatania said: “We are delighted to have completed the investment round and in particular the backing from Sir Alex Ferguson and Mark-Newton Jones which demonstrates the confidence they have in our business model and growth plans. Whilst they come from completely different backgrounds, football and retail respectively, both of them have shown how an organisation can be built to dominate their space and help change their industries.
“As a business Pockit is all about being entrepreneurial and having an intuitive understanding of what builds customer and stakeholder loyalty, two qualities both Sir Alex and Mark share in abundance.”
In a statement Sir Alex said: “I am excited by the plans for Pockit, their management team is superbly placed as the Jatania family has an outstanding track record of building businesses from the ground up and growing brands. I am looking forward to watching the business develop.”
