Pocketnest, a Detroit, Michigan-based female-founded financial wellness platform, announced that it raised $2.6 million raised 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. The company has plans to expand its sales and marketing teams in 2023.
"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 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.
Pocketnest 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, 401(k) plan sponsors, and employee wellness programs.
Company: Pocketnest, Inc.
Funding Month: December 2022
Lead Investors: Reseda Group
Company Website: https://www.pocketnest.com/
Software Category: White-label Financial Wellness Platform
About the Company: Launched in 2019, Pocketnest is a fintech company that has been recognized as one of the world's most innovative startups. Pocketnest is a white-label financial wellness platform that coaches millennials and Gen-Xers in financial wellness. It brings financial institutions rich data and insights to identify cross-sell opportunities and helps employee wellness programs boost recruitment, retention, and productivity. The fintech experienced explosive growth since December 2021: 250 percent growth in new users, 100 percent growth in annual recurring revenue, and 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.