Fintech's new Power player

With $16.1M in Seed funding, a $300M credit facility, and a fast-growing list of customers, Power emerges from stealth

NEW YORK, Sept. 14, 2022 /PRNewswire/ -- Power, a bold fintech startup with plans to reshape global commerce, has finally teased early progress as they emerge from stealth.

The company was founded to build modern financial infrastructure and started by launching a full-stack credit card issuance platform.  

As leading enterprises 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 offer largely offline, disjointed experiences requiring 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 as they apply for and manage 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 raising from a group of leading fintech investors last year, the company has remained secretive on much of its early traction and product roadmap. However, with a live platform, credit cards being issued for its first brands, and a series of additional customers going live this year, this covert startup has finally started to lift the curtain.

"A foundational element of Power since the beginning was to build momentum in stealth," says Randy Fernando, Founder and CEO at Power. "In a world where everyone is building in public, we made the decision to build in the shadows. Despite operating quietly, the demand from the market has been incredible and we've been able to attract an unmatched ecosystem of team members, bank partners, customers, and investors to the Power network."

Fernando, a fintech veteran and serial entrepreneur, has held prominent roles at high-flying fintechs including Head of Product at Acorns, Founder & CEO at Vault (acquired by Acorns) and Head of Product at Azlo.

Andrew Dust, Power's Co-Founder, has an impressive data science background leading  teams at both Amount and Acorns, after earning 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 electric startup.

Power is backed by an impressive list of investors, including Amy Nauiokas, Founder & CIO at Anthemis and Logan Allin, Founder & Managing Partner at 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 into the credit card issuance landscape. In a market that has been traditionally led by legacy financial institutions and incumbent 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 remained laser-focused on execution, and has made a bold entrance onto the scene with no intention of slowing down," explains Nauiokas. "With an ambitious strategy to dominate the credit card space, Power's traction to date leaves no room for doubt that this team has the potential to continue exceeding 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 still lags. The Power product challenges that status quo, puts the power of fintech into the hands of the brand, and has been built to catalyze the next global evolution of commerce with the consumer and the brand in mind."

Power is the first credit card issuer built on modern tech, from the ground up. Our cloud-native platform is tailored to meet the needs of high-growth brands who use Power, providing them solutions that have not been supported in the past.

Power was founded by Randy Fernando and Andrew Dust, and 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 Sheltry, Clarity for Fin Capital / Power
[email protected]

SOURCE Power Finance Inc.

SOURCE Power Finance