After a year of stealth, Power is kicking off its full-stack credit card issuance platform with $16.1 million in seed funding and $300 million in a credit facility
The New York–based company's seed round was led by Anthemis and fin Capital and included CRV, Financial Venture Studio, Dash Fund, Plug and Play and a group of angel investors.
Power was founded by CEO Randy Fernando and co- founder Andrew Dust. Fernando was the founder and CEO of the company that was acquired by Acorns. Dust was the decision science leader at Amount.
The credit card issuance program is designed for companies, brands and banks to offer tailored credit card programs, targeted promotions and personalized rewards into existing mobile and web applications.
Fernando says that Power is different because it doesn't require third-party apps for card application or management. It gives an all-in-one experience with templates to launch quickly. It shows customers how to design a card, packaging, marketing, loyalty, rewards, and servicing the card.
Fernando said that the majority of customers Power works with have never offered a credit card program before. The company plans to issue thousands of cards this year and grow that to tens of thousands of cards next year, as it processes millions of dollars in transaction volume.
The company is using the credit facility to fund the receivables of the credit card programs and the seed funding to build its team and financial infrastructure.
Power will launch their credit card programs in the coming months.
Fernando believes that over the next several years, consumers will switch to banking with their favorite brands. At Power, we want to build modern fintech to power commerce.
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