Power Emerges from Stealth Mode with $16.1 Million Round Power Emerges from Stealth Mode with $16.1 Million Round
Power app

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.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....