Pocketnest, the Detroit-based fintech startup founded by Jessica Willis, announced today that it raised $2.6 million is a funding round led by Reseda Group. This brings the startup's funding up to nearly $5 million.
Pocketnest aims to bring financial wellness coaching to the masses, geared toward millennials and younger audiences. The software is licensed to financial institutions and uses behavioral science to understand the reasoning behind the financial decisions people make. It's all about helping democratize financial advice for the masses.
"We see massive growth and opportunity in Pocketnest and wholly align with their mission of spreading more inclusive access to financial wellness," Ben Maxim, chief technology officer, Reseda Group; and chief digital strategy and innovation officer, MSUFCU, said in a press release. "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."
Over the last year the startup has experienced huge growth and garnered attention as one of the top fintech startups in the Midwest. With a 250% growth in new users, 100% growth in annual recurring revenue and a 75% growth in new clients, this is just the beginning for this fintech startup on the rise.
Pocketnest founder, Jessica Willis. Image courtesy of Pocketnest
While many startups and tech companies are experiencing a slowdown of VC investments and layoffs among team members, Pocketnest has experienced 100% growth in development team headcount, reaching 20 total employees. With new funding, the company plans to expand the 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."
As inflation increases and economists predict a wintery market next year, financial wellness tools like Pocketnest become all the more important for consumers who are trying to save and support financially healthy lives.
Pocketnest also licenses to companies to boost their employee wellness programs. Companies can offer Pocketnest tools to their team members, which helps employers boost recruitment, productivity, and retention. This is also something top of mind for people operations teams next year, as hiring slows down and retention becomes the number one priority.
For more information about Pocketnest, check out their profile on Purpose Jobs.