Detroit fintech startup Pocketnest announced today a new investor, Reseda Group, a wholly-owned Credit Union Service Organization of MSU Federal Credit Union. Reseda Group joins existing investors The Impact Seat and ID Ventures. This brings the startup's funding to nearly $2 million.
Pocketnest is a female-founded financial wellness platform that partners with financial institutions to coach their community to achieve financial wellness in 3 minutes a week. They use behavioral science and psychology to create a path to financial wellness while providing insights to the partners they work with. MSUFCU is one of Pocketnest’s 23 institutional customers, including 4Front Credit Union, Lake Trust Credit Union, the Foundation for Financial Wellness, and The Henry Ford.
Pocketnest also licenses to employee wellness programs to boost recruitment, productivity and retention. As candidates seek more meaningful benefits (think remote flexibility, wellness programs, paid parental leave, professional growth and learning opportunities), employers can use this tool to level up their perks and benefits.
Investors have taken notice of this innovative feature and other recent successes for Pocketnest:
156 percent growth in enterprise customers, at a 15 percent monthly growth rate
115 percent increase in users, at a 14 percent monthly growth rate
63 percent increase in user engagement, at a 25 percent monthly growth rate
"Reseda Group is proud to partner with Pocketnest," Ben Maxim, CTO, Reseda Group and VP Digital Strategy & Innovation, MSUFCU, said in a press release. "We invest in dynamic companies—like Pocketnest—that strive to create a better member experience and change how people think about personal finance. Pocketnest makes financial wellness attainable to all our members, from those with $100 to $100,000. We’re excited to be part of their story."
Last month, MSUFCU released Pocketnest to its approximately 320,000 members, and increased members’ financial wellness by 30 percent, according to the app engagement measured by Pocketnest.
“MSUFCU has been an incredible partner, from employee wellness pilot to member release to strategic funding partner,” said Jessica Willis, founder and CEO, Pocketnest. “We’re grateful for our incredible team, Reseda Group, MSUFCU and our innovative clients driving our growth and ability to spread financial wellness.”
In addition to closing this round of funding, Pocketnest has been busy graduating from the Google for Startups Accelerator.