Power, a Fintech startup with plans to “reshape” global commerce, has reportedy 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 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 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 startup has started to share more updates.
Randy Fernando, Founder and CEO at Power, 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.”
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 a data science background “leading teams at both Amount and Acorns, after earning a Ph.D. in Economics.”
Power is backed by various 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.”
“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.”
As noted in the update, Power is “the first credit card issuer built on modern tech, from the ground up.”
Their 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.”