{"id":39572,"date":"2023-10-20T15:03:14","date_gmt":"2023-10-20T15:03:14","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/pocketbook-looks-to-raise-700k-ahead-of-dubai-pitch-competition-startupsmart\/"},"modified":"2023-10-20T15:03:14","modified_gmt":"2023-10-20T15:03:14","slug":"pocketbook-looks-to-raise-700k-ahead-of-dubai-pitch-competition-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/pocketbook-looks-to-raise-700k-ahead-of-dubai-pitch-competition-startupsmart\/","title":{"rendered":"Pocketbook looks to raise $700k ahead of Dubai pitch competition – StartupSmart"},"content":{"rendered":"
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Personal finance app Pocketbook<\/a> is hoping to raise up to $700,000 from local and foreign investors before heading to Dubai in September for the chance to win $50,000 at Sibos 2013.<\/p>\n

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Pocketbook, founded by Sydney entrepreneurs Bosco Tan and Alvin Singh, who have known each other since they were schoolboys, promises to make personal finance \u201cridiculously simple\u201d.<\/p>\n

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It helps users monitor their bills, minimise bank fees and late payment penalties, and stay on track with their budget and savings goals.<\/p>\n

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The business was only founded in August last year but already has several major runs on the board. In February, it was one of 10 start-ups shortlisted for the Optus Innov8 Seed Program<\/a>.<\/p>\n

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Then in April, it was one of 11 start-ups chosen to pitch at Echelon Ignite: Australia<\/a>.<\/p>\n

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Now it is bound for Dubai after being selected as a finalist for Sibos 2013, which is offering a cash prize of $50,000.<\/p>\n

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Sibos, organised by the Society of Worldwide Interbank Financial Telecommunication (SWIFT), is an annual conference, exhibition and networking event for the financial industry.<\/p>\n

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Pocketbook will compete at Sibos following its success at the SWIFT-sponsored Innotribe Startup Challenge, held in May in London, New York and Singapore.<\/p>\n

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In Singapore, Pocketbook was one of three early-stage start-ups selected for Sibos 2013. The other start-ups are PassportFX and z-crd. Two growth-stage companies \u2013 GIEOM and V-Key \u2013were also selected.<\/p>\n

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\"pocketbook-2\"<\/p>\n

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Pocketbook was the only Australian company selected as a finalist.<\/p>\n

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\u201c[Pocketbook is solving] a really global consumer problem. Everyone in the audience really identified the problem we\u2019re trying to cover,\u201d Tan told StartupSmart<\/i>.<\/p>\n

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\u201cThe market over there is very much [along the lines of], people have multiple credit cards, multiple bank accounts and it\u2019s very much front of mind for them.<\/p>\n

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\u201cA lot of other start-ups are concerned with more B2B-type financial services \u2013 not all of them but a large proportion.\u201d<\/p>\n

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Tan says Pocketbook has generated a lot of interest, from Asia and Europe in particular, and is keen to fast-track its growth. It is hoping to close its first round of funding within the next month.<\/p>\n

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\u201cWe\u2019re just in the middle of closing an initial round\u2026 We would like to raise half a million to $700,000,\u201d Tan says.<\/p>\n

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\"pocketbook-3\"<\/p>\n

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\u201cThat\u2019s probably the range that will give us just over a year of runway to execute the next things we want to execute. We want to build out the product and we also want to acquire users.<\/p>\n

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\u201cThe money will [also] be used to build out a team but we want to do it progressively, and based on the right people with the right fit and the right skills.<\/p>\n

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\u201cWe\u2019re looking to base the company here in Sydney.\u201d<\/p>\n

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According to Tan, Pocketbook has had no trouble attracting investors.<\/p>\n

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There\u2019s been overwhelming interest from the market. Our job really is to find the right investor and the right partner who can help us take our vision forward,\u201d he says.<\/p>\n

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\u201cWe\u2019re just filtering through who the right partners are. It\u2019s been relatively pain-free from a raising money perspective compared to other businesses I\u2019ve seen.<\/p>\n

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\u201cWe just seem to be getting a lot more interest than what we\u2019re asking for.\u201d<\/p>\n

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Pocketbook is also eagerly anticipating its visit to Dubai.<\/p>\n

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\u201cBecause SWIFT has something like 10,000 member banks, their global reach is significant and the nature of the organisations that will attend [Sibos is impressive],\u201d Tan says.<\/p>\n

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\u201cOne of the biggest things we\u2019ll get from that \u2013 even greater than Singapore \u2013 is, again, validation. To have access to SWIFT members and explore potential opportunities is great.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Personal finance app Pocketbook is hoping to raise up to $700,000 from local and foreign investors before heading to Dubai<\/p>\n","protected":false},"author":2,"featured_media":61353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,21,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/39572"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=39572"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/39572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61353"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=39572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=39572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=39572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}