60-second start-up: Pockit

0-5 second: Sum your business up in a sentence

Pockit is a leading prepaid card, which helps cardholders save and manage money through partnerships with businesses.

5-10 seconds: What's the business model?

Consumers purchase the card online via our website and have a choice between a Pay Monthly card and a Pay As You Go card. The Pay Monthly card comes with more benefits and lower fees than other cards.

10-15 seconds: Who are your competitors?

Other prepaid cards such as Cashplus, Virgin Prepaid Card, Orange Cash Card and Kalixa.

15-20 seconds: What's your USP?

We offer our Pay Monthly cardholders up to 10% in-store cash back with 20 leading high-street retailers, including M&S, B&Q, New Look, and many more, when they use their card in-store. We also have discounts on insurance, broadband, gas and electricity and travel.

20-25 seconds: How have you funded it so far?

To date the business has been funded by us.

25-30 seconds: What were you doing before?

Danny was focusing on the family business, Lornamead, which he set up in 1978. Yuvraj was working at Ernst & Young in Corporate Finance while Virraj started working on Pockit straight after university.

30-35 seconds: Where did the idea come from?

The idea was born out of Danny's experience in negotiating deals for his family business, Lornamead. He strongly believed that group buying could be applied and delivered to the everyday consumer.

35-40 seconds: What's the smartest thing you've
done so far?

Putting our customers first, by listening to their feedback early on and lowering our fees to become more competitive.

40-45 seconds: What's the stupidest?

Committing to long-term contracts with outsourced partners. Start-ups need to be flexible.

45-50 seconds: If your business was a biscuit, what would it be?

An Oreo cookie because we have three layers of benefits: our online voucher codes and partner offers are the biscuit layers and our in-store cash back is the cream bit everybody loves.

50-55 seconds: Which idea are you a bit jealous of?

Badoo is very clever. Who would have thought you could monetise meeting new people in that way?

55-60 seconds: Where are you going to be in
12 months' time?

We'll have gained another 40,000 cardholders, launched our own app with a strong focus on delivering the best deals to our customers and we'll be in a bigger office with like-minded individuals who want to share in our success.

For more information on Pockit click here, www.pockit.com.

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