An Ann Arbor-based financial technology company focused on helping consumers with their personal finance needs has closed on a new round of funding to help sustain its ongoing growth.
Pocketnest Inc. announced late last week that it had closed on $500,000 in new growth capital, bringing its cumulative dollar amount raised to $1.2 million since 2018. The new funding was led by The Impact Seat, a management consulting firm in Boston, as well as Detroit-based venture capital firm ID Ventures, according to a news release.
“We believe in Pocketnest and its mission, and know that it will continue to make great strides in an industry that’s craving disruption,” Barbara Clarke, founder and president of The Impact Seat, said in the release. “Pocketnest will surely change the way our new customer base thinks about finances and financial institutions. We’re honored to be a part of this tectonic shift.”
In previous rounds the company has received investment from a mix of in-state and out-of-state funds.
Pocketnest, a software-as-a-service company, works directly with banks, credit unions and financial planners to help consumers better plan their finances. The company said it now has nine enterprise customers, including MSU Federal Credit Union and Wright-Pratt Credit Union.
“We exist to make financial wellness accessible to everyone, and are grateful to partner with incredible investors who share our core values,” Jessica Willis, founder and CEO of Pocketnest, said in the release. “Together, we can profoundly change how people interact with their financial institutions, bringing them more efficiency, deeper connections and overall wellness.”
The new investment aims to support Willis with further product development and expand the company’s team, which it said in the release has grown by 25 percent over the last year.
A spokesperson for the startup said the company is just under $100,000 in annual revenue and has a total of 15 employees, a mix of full time and part time.