Personal Finance Startup PocketBook Raises $500,000 From Australian Angel Investors

PocketBook founders Alvin Singh and Bosco Tan. Source: Supplied

If Google or Apple was a bank, what would it look like? How would it work? Surely it would be easy and fun right?

Those are the questions the founders of Sydney-based startup PocketBook want to answer. They appear to be well on the way with over 40,000 users and growing strongly with excellent active retention each month.

SydStart finalist PocketBook (previously known as GetPocketBook) has raised $500K from local Australian angel investors.

Founders Alvin Singh and Bosco Tan have created an easy to use personal financial management website plus mobile apps for iphone and android that connect to your own banks aggregating accounts and transactions to give up to date information on total financial positions.

These can then be used for planning, goals setting, budgets and tracking by using their own direct links to the major banks.

Some of the quotes from investors and customers clearly put this brand new service in the ‘significant challenger’ quadrant meeting the needs of Australia and Asian consumers and prosumers that have remained unaddressed by (mainly business focused) players such as Mint, Intuit, Saasu, Xero and many more.

PocketBook is focused on helping individuals manage their finances, today there product is not aimed at business but you can see how sole traders that are early in their business development phase could still use the app.

Having just returned from an international competition in Dubai and also placing well there in a recent competition, PocketBook is clearly a product with global appeal.

The key to signing up those tens of thousands of users in just weeks appears to be ease of use and reliability say the founders.

Pete Cooper is the founder of Sydney-based startup conference SydStart. PocketBook was named one of the top 5 startups at this year’s SydStart conference.

Subsequent to the publication of this story, Cooper joined the capital raising round as an investor.

Now read: The 10 Hottest Startups In Australia Right Now

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