Alex Ferguson invests in prepaid card startup Pockit

And the bid idea is?..

I don't see their point of difference ???

Pretty high fees if you ask me.

Transaction Fee £0.45
UK ATM Fee£1.50
International ATM Fee£2.25
Foreign Exchange Fee3.00% 

With interchange fee dropping to 0.2% in 2015, they have to make money elsewhere... Compared to Amex and T-Mobile in the US, their value proposition is weak. As AF said, for him it was about the founders...

Yes I also thought the purchase cost of £4.95 for the card was pretty stiff, especially considering that they will have the use of the card holders funds until any top-up is spent, also do we have any idea what the merchant’s commission might be?  I expect that most of the investment money they raise will be spent on advertising and promotion as putting together a co-branded card isn’t all that expensive.Yes I also thought the purchase cost of £4.95 for the card was pretty stiff, espicially

I am more worried.  Is there anyn truth to the rumour he has suggested David Moyes comes in to manage the project through this difficult time?

The loading limits look like they might confuse their target consumer (guess it's the financially immature customer). There is nothing innovative about their approach what-so-ever. Cashback on transactions: great but that probably won't even cover the 45p transaction fee. Far too aggressive fee structuring and not convinced they have a handle on remainder income strategy (no dormancy fees - really?).

I wouldn't agree re "nothing innovative", Matt: how many prepaid card schemes have a former football manager as an investor?.. :)

Some cashback offers are not that bad, e.g. 6% off Simple range at M&S, but (a) the likes of Quidco offer that already, and (b) how many of Pockit's target audience are going to shop at M&S?..

What I don't get is why "the country’s tenth-richest Asian family in Britain" would need business angels for a funding round of just £1m... If one needs some high-profile people on Board, there are other ways of achieving that objective.

There could be, perhaps, more there than meets the eye...

This is yet another example of what I've heard many angel investors say time and again viz. at this stage of a company, the creds of the founding team matter more than anything else.

Are you talking about A, Ketharaman? Or FB? Or G?..

I'm with Alexander: what's the big idea?

AF is "excited by the plans for Pockit".  Why?

Same guy who sang the praises of David Moyes. On that basis, to quote Dragons Den, I'm out...