Family Financial Management Platform "Pocket" Pockets Pre-Employed Funding from East Ventures

The family financial management platform "Pocket" which has been around since 2021 has received pre-start funding led by East Ventures. In the release received, there is no mention of the investment value obtained by the startup fintech The.

The company has plans to allocate these funds with a focus on product penetration and number of users. Pocket will also invest in developing the services and offerings it provides to complement the platform ecosystem.

"We believe this funding can be a powerful driver of our vision to democratize access to digital payments for the younger generation and build financial literacy from an early age. We present solutions to overcome problems in today's traditional banking landscape to eliminate inequality and move towards financial inclusion through modern technology," said Pocket Co-Founder and CEO Markus Kevin.

Together with Co-Founder and CTO Bravyto Takwa Pangukir, Pocket comes against the backdrop of long-standing problems in the financial landscape, particularly regarding personal and family financial management. Pocket is registered and supervised by the Ministry of Communication and Information of the Republic of Indonesia and Bank Indonesia.

Currently platform wealth management that offer similar services include my fin, Sribuu, Moni, and several others. Not just a personal financial recording application, several services such as PINA also embed investment services and financial education in their applications -- the mission is to make it easier for every user to achieve their financial goals.

Launch prepaid virtual and physical cards

Pocket also features prepaid virtual and physical cards with digital balances to help modern parents manage their family finances. Pocket allows the creation of traceable, separable and fully digital accounts; users can allocate digital accounts to each family member to own, store and spend their own money.

Each digital account is also equipped with a prepaid virtual and physical card that is secure and supports QRIS transactions which are available in more than 20 million merchant throughout Indonesia.

Each family can also manage and personalize accounts based on spending limits with clear visibility through reports and usage analytics for each individual. To date, Pocket has recorded significant growth of 2,5 times and 3 times month-on-month in new users and Total Purchasing Value (TPV) respectively.

Pocket is also actively working with local banks to complete its ecosystem, collaborating with the Ministry of Education, Culture, Research and Technology of the Republic of Indonesia. In addition, Pocket has and will collaborate with more than 100 schools (with a focus now on the Greater Jakarta area) to improve children's financial literacy through educational content, as well as improve financial access in Indonesia.

"We believe that Pocket is leading innovation in this field to open up countless opportunities by empowering Indonesian parents to educate and prepare young people, and ultimately enable modern families to have healthy household finances and sustainable financial practices," said East Ventures partner Melisa Irene.