Power Emerges from Stealth Mode with $16.1 Million Round
When a FinTech startup begins its life, it’s fairly common for it to go under the radar. In fact, some companies seem to prefer this, opting to stay in “stealth mode” until the time is right — such as announcing a product launch or fundraising. That’s the case with a FinTech startup called Power, which is now letting the world know about its service.
This week, Power announced its exit from stealth mode. Furthermore, the company revealed it had closed a $16.1 million seed round and secured a $300 million credit facility. The equity round was led by Anthemis and Fin Capital with participation from CRV, Financial Venture Studio, Plug & Play, Dash Fund, and a number of angel investors.
With Power’s debut, the company is sharing a peek at its full-stack credit card issuance platform. Using this tool, companies will be able to create credit card products that will increase brand loyalty. What’s more, the ability for customers to apply for and manage their cards will be completely integrated into a company’s digital properties without the need for third-party applications. Power also notes that these credit card offerings are customizable, available for consumer or business credit cards, and have the ability to feature targeted promotions as well as personalized rewards.
In a press release announcing their public debut — and the reason why they’ve been quiet until now — Power’s founder and CEO Randy Fernando stated, “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.”
Fernando continued, “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.”
Elsewhere, investor Anthemis’ founder & CIO Amy Nauiokas said of Power, “From our first conversation with the Power team, the vision was rock-solid. Ever since, the team has remained laser-focused on execution, and has made a bold entrance onto the scene with no intention of slowing down. With an ambitious strategy to dominate the credit card space, Power’s traction to date leaves no room for doubt that this team has the potential to continue exceeding expectations.”
Looking at the seed round Power was able to raise, it’s easy to see why the company figured now was a good time to exit its previous stealth mode arrangement. With FinTech credit card issuance proving to be a new hotspot (with the likes of Cardless, Deserve, and Concerto all recently raising money), it also makes sense that Power would be a draw for investors. Now, with the company ready to show off its stuff, perhaps it’s true Power can be felt.