Credit card issuer Power rockets out of stealth with $316m

Power FinTech

Power, a FinTech that has launched a full-stack credit card issuance platform, has bagged $316.1m after a $300m credit facility and $16.1m in seed funding.

The seed round was headed by Anthemis and Fin Capital and also saw investment from Dash Fund, Plug & Play, Financial Venture Studio and CRV. Angel investors also participated.

Power claims it is providing the infrastructure for companies in the consumer, commercial and banking sectors to offer premium FinTech experiences fully embedded within their digital properties.

Power product is fully white-labelled and embedded within the brand’s existing mobile and web applications, offering customers what it describes as a ‘frictionless experience’ as they apply for and manage their cards.

With Power’s end-to-end credit card issuance platform, brands can launch customised consumer or business credit card programs, with targeted promotions and personalised rewards.

Power CEO and founder Randy Fernando said, “A foundational element of Power since the beginning was to build momentum in stealth. 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.

“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.”

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