June 14, 2024

Investments & Exits

Power Raises $316 Million Fund In Debt And Equity Financing

Power, the US-based credit card startup, has secured a total of $316 million, of which $300 million was raised in credit card funding and $16million from seed investors. Fin Capital and Anthemis led the equity funding. Several other investors like Plug and Play, Dash Fund, and Financial Venture Studio were the other participants.

A “frictionless experience” is what Power intends to deliver to its customers, white-label solutions integrated into their web and mobile applications. With this technology, there will be no need for third-party applications.

Power’s first product is the platform for issuing credit cards, which brands can use to customize credit card programs with promotions and rewards.

Power was established in 2021 and is the brainchild of Andrew Dust and Randy Fernando.

Talking about his company, Fernando said that they are planning to offer thousands of credit cards across several diversified markets and handle transactions worth millions of dollars each year.

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