Indonesia-focused venture capital investor East Ventures has anchored the pre-Seed funding round of Pocket, an fintech startup that provides a financial health platform for Indonesian families.
In a statement, Pocket said it will allocate the fresh funds mainly for product penetration in increasing adoption and users. The startup will also invest in developing its product and offering to complete the platform ecosystem.
Pocket was founded in October 2021 by Markus Kevin (Co-Founder and Chief Executive Officer) and Bravyto Takwa Pangukir (Co-Founder and Chief Technology Officer); where both of them have extensive experience in product management and software engineering.
These two co-founders realized at least two longstanding problems in the financial landscape. First, traditional joint banking accounts are not designed to be accessed and personalized independently. Most of the time, they only offer a single debit card, and take a long and complicated process to sign up.
Second, children’s access to banking and financial literacy remain stumbling blocks to healthy family finances. In most cases, children do not have access to banking, resulting in many parents needing to give their respective bank accounts or cash to their children without control over their overall spending amount and habits.
Most parents also have limited awareness of teaching their children to manage their expenses and do budgeting from an early age.
It has resulted in an issue that children are only directed to save their pocket money without really understanding the concept of money management and creating good spending habits.
“We are grateful to receive the trust and support from East Ventures. We believe this funding serves as a strong mover of our vision of democratizing access to digital payment for the younger population and building financial literacy early on. We are confident to provide modern solutions to the current traditional banking landscape, serving as the right solution in closing the gap towards financial inclusion,” said Markus Kevin, Co-Founder and CEO at Pocket.