Manchester United manager Sir Alex Ferguson has forayed into angel investing to back prepaid card startup Pockit, during its first funding round of around £1m.

Danny, Yuvraj and Virraj Jatania founded Pockit in 2011, producing a pre-paid Mastercard that can be loaded up with cash and spend, and charges users £4.95 per prepaid card.

Ferguson participated in the funding round alongside Mothercare CEO Mark Newton-Jones, Denis Shafranik, Simon Barklem and Ian Langley.

Ferguson in a statement said: "I am excited by the plans for Pockit, their management team is superbly placed as the Jatania family has an outstanding track record of building businesses from the ground up and growing brands."

Pockit said that the investment will be used to expand consumer reach of its prepaid cards by recruiting funding managers, introducing a new website and launching a large-scale marketing campaign.

The company currently has deals with retailers including M&S, B&Q and Toys R Us that offer customers around 10% cash-back on purchases.

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By GlobalData