Fintech’s new Power player
With 16.1 million dollars in seed financing, a 300 million dollars credit facility, and a rapidly growing list of clients, Power emerges from stealth
NEW YORK, 14 September 2022 /PRNewswire/ — Powera bold fintech startup with plans to reshape global commerce has finally teased early progress as it emerges from stealth.
The company was founded to build modern financial infrastructure and started by launching a full-stack platform for issuing credit cards.
As leading companies across consumer, commercial and banking categories look to deepen customer engagement and brand loyalty, Power provides the infrastructure for these companies to offer premium fintech experiences fully embedded within their digital properties.
Where other providers largely offer offline, disjointed experiences that require third-party apps, the Power product is fully white-labeled and embedded within the brand’s existing mobile and web applications, offering customers a frictionless experience when applying for and managing their cards.
Additionally, with Power’s end-to-end credit card issuance platform, brands can launch customized consumer or business credit card programs, with targeted promotions and personalized rewards.
Since it was acquired from a group of leading fintech investors last year, the company has remained secretive about much of its early roadmap and product plan. But with a live platform, credit cards being issued for the first brands, and a number of additional customers going live this year, this stealthy startup has finally begun to lift the curtain.
“A fundamental element of Power since the beginning was building momentum in stealth,” says Randy Fernando, founder and CEO of Power. “In a world where everyone builds publicly, we made the decision to build in the shadows. Despite operating quietly, market demand has been incredible and we’ve been able to attract an unrivaled ecosystem of team members, banking partners, customers and investors of the Power network.”
A fintech veteran and serial entrepreneur, Fernando has held prominent roles at high-flying fintechs, including Chief Product Officer at Acorns, Founder and CEO of Vault (acquired by Acorns) and Chief Product Officer at Azlo.
Andrew Dust, Power’s co-founder, has an impressive data science background leading teams at both Amount and Acorns, having earned a Ph.D. in economics.
Fernando and Dust have surrounded themselves with an unrivaled roster of talent who left roles at fintech industry titans to join the electrical startup.
Power is backed by an impressive list of investors, including Amy Nauiokasfounder and CIO at Anthemis and Logan Allen, founder and managing partner of Fin Capital, who led Power’s Seed round. Participants in the round include CRV, Financial Venture Studio, Dash Fund, Plug And Play as well as a deep angel network across leading brands including Tesla, Instacart and Rivian.
While much of Power’s mystique still remains, the startup has emerged with a bang in the credit card issuing landscape. In a market that has traditionally been led by older financial institutions and established technology players, Power is quickly making a name for itself.
“After just over twelve months, Power is already live in the market and on track to issue thousands of credit cards this year,” says Fernando. “Looking ahead to next year, we plan to issue tens of thousands of cards across consumer, commercial and banking categories and process millions of dollars in transaction volume.”
“From our first conversation with the Power team, the vision was rock solid. Ever since, the team has been laser-focused on execution, making a bold entrance on the scene with no intention of slowing down,” explains Nauiokas. “With an ambitious strategy to dominate the credit card space, Power’s track record to date leaves no room for doubt that this team has the potential to continue to exceed expectations.”
“Now more than ever, modern consumers value speed, experience and personalization,” says Allin. “Successful brands today understand this and have built platforms that cater to this consumer. However, modern financial infrastructure is still lagging behind. The Power product challenges that status quo, puts the power of fintech in the hands of the brand, and is built to catalyze the next the global evolution of commerce with the consumer and the brand in mind.”
About power
Power is the first credit card issuer built on modern technology, from the ground up. Our cloud-based platform is tailored to meet the needs of high-growth brands using Power, providing them with solutions not previously supported.
Makt was founded by Randy Fernando and Andrew Dustand is backed by Anthemis, Fin Capital, Financial Venture Studio, CRV, Dash Fund, Plug and Play and others.
For more information visit www.usepower.com.
Media contact
Leah SheltryClarity for Fin Capital / Power
[email protected]
SOURCE Power Finance Inc.
SOURCE Power Finance
