Sunday, September 24, 2023

Money management app Pocketbook is shutting down

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Money management app Pocketbook will retire from business next month after a decade.

The company, now owned by controversial ASX-listed BNPL Zip Co., announced yesterday that it will close on August 5.

In a note on its website, Pocketbook, which is said to be used by 800,000 people, gave no reason for its demise.

Zip acquired Pocketbook in September 2016 in a $7.5 million deal. The Zip (ASX:Z1P) share price was $0.74 at the time. It currently stands at about $0.54, having lost 94% of its value in the past 12 months.

Pocketbook was founded in Sydney in 2012 by Bosco Tan and Alvin Singh as a free app for budget planners and personal finance.

“Unfortunately, we have had to make the difficult decision to close the Pocketbook app and web service effective August 5, 2022. We would like to thank our loyal Pocketbook community for all the support and feedback along the way,” the company said in a statement on its website. .

Pocketbook founders Bosco Tan and Alvin Singh.

“We are proud of the product we have built, but even more grateful for the role you have played in growing and making it better over the past 10 years. We wish you every financial success in the future.”

The fintech said it will delete all personal information collected by the service. Anyone who wants to retain categorized transaction data has until August 4 to extract it to a CSV file.

Pocketbook’s demise follows the collapse of neobank Volt, which closed Tuesday after it was unable to raise fresh capital to continue trading.

The bank was reportedly chasing $200 million in a Series F, with $100 million in 2021 and $50 million in 2020.

Volt announced its closure on July 5 last week and has returned approximately $106 million in deposits to approximately 6,000 customers. The bank, the first challenger brand to receive a new banking license in 2019, is selling its mortgage business.

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