Fintech startup Power emerges from stealth with $16.1m seed funding and $300m credit facility

Power, a fintech startup with plans to reshape global commerce, has finally teased early progress as it emerges from stealth with $16.1m in seed funding, a $300m credit facility, and a fast-growing list of customers. 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.

Randy Fernando, Founder and CEO, Power: "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. 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."

Fernando, a fintech veteran and serial entrepreneur, has held prominent roles at high-flying fintechs including Head of Product at Acorns, Founder and 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 and CIO at Anthemis and Logan Allin, Founder and 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.

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