Income Advance Qorus-Infosys Finacle Banking Innovation Awards 2025

Pockit’s Income Advance product was launched to address a growing market failure: the diminishing availability of affordable credit for underbanked consumers. A 2024 study by ClearScore and EY found that the number of loans extended to customers in the UK with the lowest credit ratings has fallen by over 75% in the past five years.

Designed to meet short-term liquidity needs, the product allows customers to borrow up to £100 for a flat fee, with automatic repayment from their next income. No hard credit checks are required, and loans are underwritten using AI, in partnership with SteadyPay, ensuring that the product is financially inclusive. This means it is accessible to those who might otherwise be excluded from traditional lending options and offers a responsible, regulated alternative to loan sharks and payday lenders. High uptake levels demonstrate the success of the product. Despite only being launched last year, to-date over 130k loans valued at £8+ million have been issued.

Following Pockit’s acquisition of Monese last year, Pockit will soon bring this product to millions more underserved customers across the UK and Europe.