Funding
Funding not disclosed
Founders
Product
Problem
Many individuals lack a credit history or have low credit scores, hindering their access to loans, favorable interest rates, and other financial opportunities. Traditional methods of building credit often require taking on debt, which can be risky and unsustainable for some.
Solution
Pokkit Score offers a savings account that reports users' payment history to credit bureaus, enabling them to build or improve their credit scores through consistent saving habits rather than incurring debt. Users select a savings voucher with a monthly fee and choose an affordable savings amount, earning interest on their savings in the Allan Gray Money Market Fund. After a qualifying period, users can access or redeem their savings, all while establishing a positive credit history.
Target Audience
Pokkit Score targets individuals with no credit history or low credit scores who seek to build or improve their creditworthiness through responsible saving habits, without taking on debt.
Features
- Savings account that reports payment history to major credit bureaus (TransUnion, Experian, XDS, CPB and VeriCred)
- Choice of 12 or 24-month savings voucher terms with varying monthly fees (R7.50 or R4.50 respectively)
- Savings amounts ranging from R100 to R4000 per month
- Earns 7%+ interest on savings in the Allan Gray Money Market Fund
- "Stretch" option to access funds after 3 months of regular payments (with a fee)
- Free redemption of savings after 12 months
- "Pokkit Promise" guarantees a refund of fees if the user's credit score does not improve after 12 months