Pocketnest Reaches Nearly $2M in Funding with Reseda Group

Fintech closes seed round with new institutional investor, raises $1.95M to date

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Jan 12, 2022, 08:00 ET

DETROIT, Jan. 12, 2022 /PRNewswire/ -- Pocketnest, the female-founded financial wellness platform, today announces its latest institutional investor, Reseda Group, a wholly-owned Credit Union Service Organization of MSU Federal Credit Union, for its seed round co-led by The Impact Seat and ID Ventures.

Since 2020, the fintech has earned significant traction:

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," said Ben Maxim, CTO, Reseda Group and VP Digital Strategy & Innovation, MSUFCU. "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 ~320,000 members, and increased members' financial wellness by 30 percent¹. 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.

"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."

Pocketnest closes this round on the heels of graduating the prestigious Google for Startups Accelerator, launching an employee wellness platform, and being named one of the world's most innovative startups.

Pocketnest licenses its platform to financial institutions to generate qualified leads and boost cross-sell opportunities; it also licenses to employee wellness programs to boost recruitment, productivity and retention. Built on behavioral science and psychology, Pocketnest coaches users through 10 themes of financial wellness and helps them keep their plan up to date—in three minutes a week.

¹Measured by app engagement

Reseda Group helps credit unions remain relevant and competitive by delivering the best products and services to their employees and member-owners. Driven by a shared goal of building better for members, Reseda Group invests in strategic partners that will

bring new technology, digital resources, and credit union industry solutions to market. Reseda Group is a wholly-owned Credit Union Service Organization (CUSO) of MSU Federal Credit Union. Learn more at resedagroup.com.

Pocketnest, Inc.^TM is a financial wellness platform forging deeper connections between people and their financial institutions to help them achieve financial wellness. Made by and for millennials and Gen-Xers, it brings institutions rich member data and insights to reach younger audiences, serve more people, identify cross-sell opportunities, and promote financial wellness. Pocketnest licenses its software to institutions like banks, credit unions, investment advisors, 401k plan sponsors and employee wellness platforms. Learn more at Pocketnest.com.

SOURCE Pocketnest