A private finance app owned by purchase now, pay later stalwart Zip will shut subsequent month, 10 years after it was based with a mission to assist Australians higher handle their cash.
The Pocketbook staff knowledgeable customers on Thursday that it made the “troublesome resolution” to shut the Pocketbook app and net service from August 5, whereas additionally thanking them for “all of the assist and suggestions alongside the best way”.
Based in Sydney in 2012 by Bosco Tan and Alvin Singh from a single spreadsheet, Pocketbook aimed to make private finance “ridiculously easy” by permitting customers to observe their payments, reduce financial institution charges and late fee penalties, and monitor their finances and financial savings targets.
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It was acquired by Zip in 2016 in a reported $7.5 million deal however continued to function as an app in its personal proper beneath the management of Tan and Singh, who in 2017, determined to handle damaging suggestions by releasing a video with the team reading out mean comments from customers.
In line with data posted on the Pocketbook websitethe startup had greater than 800,000 customers in 2020.
Whereas data posted on the corporate’s web site doesn’t point out prospects will probably be moved to the Zip ecosystem, it does state that Pocketbook is closing “in order that we are able to focus effort on reimagining and rolling out a few of the options you will have come to like in Pocketbook, by way of the ZipApp”.
Equally, when Zip unveiled its up to date model in July 2021, it said in a press launch that it “plans to combine performance from its 5-star private finance app Pocketbook into the Zip App”.
This is able to enable Zip prospects in Australia to “monitor spending throughout a number of, financial institution, credit score and Zip accounts, giving them a holistic view of their monetary place and upcoming spending”, the corporate stated on the time.
Pocketbook customers will have the ability to proceed to make use of the app and web site till August 4, after which era their accounts will probably be closed. The app is not going to be out there to obtain from August 5 and customers won’t be able to log in to the cellular app or web site.
The corporate stated all private knowledge offered by customers will probably be deleted from August 5, together with names, e mail addresses, cellular numbers, and personally identifiable account and transaction particulars.
Customers who want to make a copy of their very own knowledge, can accomplish that by extracting a CSV file earlier than August 4.
“We’re happy with the product we’ve constructed, however much more so, we’re grateful for the function you will have performed in making it develop and get higher over the past 10 years,” stated the Pocketbook staff.
SmartCompany has contacted Pocketbook and Zip for remark.
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