Credit card

Power of credit card issuers emerges from stealth with $16.1 million in funding

Power, a bold fintech startup with plans to reshape global commerce, has finally teased early progress as it comes out of stealth.

The company was founded to build a modern financial infrastructure and started by launching a comprehensive credit card issuing platform.

As large enterprises in the consumer, commercial and banking categories seek to deepen customer engagement and brand loyalty, Power provides the infrastructure for these companies to deliver premium fintech experiences that are fully integrated into their numerical properties.

Where other vendors offer largely offline and disjointed experiences requiring third-party apps, the Power product is fully white-labeled and integrated with the brand’s existing mobile and web apps, giving customers a frictionless experience when they ask and manage their cards.

Additionally, through Power’s end-to-end credit card issuance platform, brands can launch personalized credit card programs for individuals or businesses, with targeted promotions and personalized rewards.

Since spun off from a group of top fintech investors last year, the company has remained secret about much of its early traction and product roadmap. However, with a live platform, credit cards issued for its early brands, and a slew of additional customers coming online this year, this secretive startup has finally started to pull back the curtain.

“A fundamental part of Power from the beginning was to create stealth momentum,” says Randy Fernando, Power Founder and CEO. “In a world where everyone builds in public, we made the decision to build in the shadows. Despite running quietly, market demand has been incredible and we have been able to attract an unparalleled ecosystem of team members, banking partners, customers and investors to the Power Network.

Fernando, a fintech veteran and serial entrepreneur, has held top roles in high-profile fintechs, including Product Manager at Acorns, Founder and CEO of Vault (acquired by Acorns), and Product Manager at Azlo .

Andrew Dust, co-founder of Power, has an impressive background in data science leading teams at Amount and Acorns, having earned a PhD. in economy.

Fernando and Dust have surrounded themselves with an unparalleled roster of talent who have left roles at fintech industry titans to join the electric startup.

Power is backed by an impressive list of investors, including Amy Nauiokas, Founder and CIO at Anthemis and Logan Allin, Founder and Managing Partner at Fin Capital, who led Power’s Seed round. Round participants include CRV, Financial Venture Studio, Dash Fund, Plug And Play as well as a deep angel network among top brands such as Tesla, Instacart and Rivian.

While much of Power’s mystique remains, the startup has emerged with a bang into the credit card issuing landscape. In a market traditionally dominated by traditional financial institutions and incumbent technology players, Power is quickly making a name for itself.

“After just over twelve months, Power is already live in the marketplace and on track to issue thousands of credit cards this year,” says Fernando. “Looking ahead to next year, we expect to issue tens of thousands of cards across consumer, commercial and banking categories and process millions of dollars in transaction volume.”

“From our first conversation with the Power team, the vision was rock solid. Since then, the team has remained focused on execution and boldly entered the stage with no intention of slowing down,” says Nauiokas.” With an ambitious strategy to dominate the credit card space, Power’s traction to date leaves no doubt that this team has the potential to continue to exceed expectations.”

“Now more than ever, modern consumers value speed, experience, and personalization,” says Allin. “Successful brands today understand this and have built platforms that cater to this consumer. However, modern financial infrastructure still lags behind. The Power product challenges this status quo, puts the power of fintech in the hands of the brand and was designed to catalyze the next global evolution of commerce with the consumer and the brand in mind.