Power, a Kenya-based FinTech provider, has scored $3m in a seed funding round led by DOB Equity.
Also taking part in the round were Bolt by QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Accelerator.
Founded in 2020, Power allows workers to take control of their financial health by making a holistic set of financial services available to employees and gig workers across Sub-Saharan Africa.
The company helps individuals to access earned wages, streamline savings and investments to regulated partners, qualify for longer-term credit, and enroll in affordable insurance, so that workers can live with dignity, reduce financial-related stress, and take control of their financial well-being.
Power’s solution includes a mobile app for employees and workers, a workforce deduction management system for employers, and a digital core banking engine connecting into regulated financial service providers. Through the app, workers are digitally onboarded and verified and then have immediate access to the Power services.
According to Power, this investment will accelerate Power’s growth in Kenya and Zambia and deepen its presence across other countries in East, West, and Southern Africa.
In Kenya, Power engages customers directly and has already onboarded over 70 employers and gig platforms representing over 40,000 workers.
As it expands into new markets like Zambia, Power strategically partners with banks and lenders and delivers a white labelled Workplace Banking solution that is quick to deploy and can deliver digitized financial services to the workforces of companies that bank with Power’s partners.
Power CEO and co-founder Brian Dempsey said, “There is an urgent need to develop a more holistic set of financial solutions that improve financial health and well-being, for both formal workers and the growing gig economy.
“There is a growing global workforce that is unprotected, financially stressed, and unhealthy. At Power, we help individuals regain control of their financial well-being by connecting them to affordable and appropriate financial services.
“We do this by providing a full digital banking platform connecting financial service providers, companies, and their workforces. We are incredibly excited to have such a strong group of investors join us on our journey to bring financial health to workers across Africa!”
Aspire, a Singapore-based neobank serving SMBs and startups in Southeast Asia, has recently raised $100m in a Series C funding round.
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