Powera fintech infrastructure startup, is now launching its full credit card issuance platform after a year in stealth mode and with $16.1 million in seed funding and $300 million in 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 & Play and a group of angel investors.
CEO Randy Fernando and co-founder Andrew Dust launched Power a year ago after meeting at Acorns. Prior to Acorns, Fernando was founder and CEO of Vault, which was acquired by Acorns and was a Disrupt Battlefield company in 2016. Also in fintech, Dust led the decision science team at Amount prior to Acorns.
Power’s first product is the Credit Card Issuing Program, designed for businesses, brands and banks to deliver embeddable fintech experiences, such as personalized credit card programs, targeted promotions and personalized rewards, in existing mobile and web applications.
According to Fernando, what makes Power different is that the company has built its infrastructure from the ground up and does not require third-party apps for map enforcement or management. It also offers an all-in-one experience with templates for easier and faster launch. It also guides customers through card design, packaging, unboxing, marketing, loyalty, rewards, and card maintenance.
Although Fernando doesn’t go into specifics about revenue or customers, he said the majority of customers Power currently works with have never offered a credit card program before. He also said the company plans to issue thousands of cards this year and expand to tens of thousands of cards next year as it processes millions of dollars in transaction volume.
To do this, the company uses the credit facility to fund credit card program receivables and uses seed funding to strengthen its team, financial infrastructure and banking network.
Power will now spend the next few months onboarding brands and launching their credit card programs.
“I think over the next few years consumers will go from banking with fintechs to banking with their favorite brands,” Fernando told TechCrunch. “This is the vision we are building at Power – building modern fintech to power commerce.”