PCKT Money picks Nets for five-year card processing contract

In its efforts to boost financial literacy, PCKT Money has tapped payments company Nets to provide its card processing and API services.

PCKT Money is aimed at ensuring kids and teens understand how money works and to encourage increased financial health through an app and debit card.

Having already established itself across Finland, Estonia and Armenia, PCKT Money will use the five-year deal with Nets to realize its growth ambitions in Europe.

Jaakko Rytsölä, CEO of PCKT Money, said, “We are happy to be working with one of Europe’s leading payment service providers. The switch from our former processor took less time than expected and connecting to Nets’ API setup turned out to be a real time saver. We would like to thank the Nets team for their commitment and professionalism.”

Henrik Anker Jørgensen, CEO of Nets Estonia AS and head of Baltic region at Nets, added, “We are delighted to welcome PCKT Money Corporation as a customer. We have intensified our focus on supporting FinTechs, especially in the Baltic region. This, combined with Nets’ state-of-the-art API services, has grabbed the attention of fresh new players in the payment industry. We are excited to explore new opportunities with these companies while continuing to serve our traditional banking customers.”

PCKT Money is not the only FinTech company aimed at educating children to live more financially responsible lives. For instance, Pigzbe, the London-based digital wallet platform that teaches kids about good financial habits, closed a $8.85m initial coin offering in 2018.

Similarly, Greenlight Financial Technology has a similar USP and bagged $54m in a Series B investment round in September this year.

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