US credit card start-up Power raises $316m funding
Power, a New York-based start-up that offers a full-stack credit card issuance platform, has emerged from stealth with $316 million in debt and equity funding.
The start-up has raised $300 million in a credit facility and $16.1 million in seed funding led by Anthemis and Fin Capital, with participation from CRV, Financial Venture Studio, Dash Fund, Plug and Play, among other angel investors.
Power aims to provide white label fintech infrastructure for consumer, commercial and banking enterprises, embedded within their mobile and web applications and with no need of third-party apps, enabling customers a “frictionless experience” to apply for and manage their cards.
Its first product, the credit card issuance platform, aims to help brands launch customised consumer and business credit card programmes with targeted promotions and personalised rewards.
Established last year, Power was co-founded by Randy Fernando, a fintech veteran and serial entrepreneur, and Andrew Dust, who led data analytics at Acorns – where the two met.
“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, CEO of Power.
“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.”