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.

Also published on Medium.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

X1 Opens Waitlist for New X1+ Credit Card

A neo-credit card issuer is looking to build upon its early success and expand its line-up. This week, X1 announced the upcoming X1+ card while opening a waitlist for the product. With the X1 being billed as "the world’s smartest credit card," this latest offering is being hailed as the only credit card for smart travel. The X1+ is expected to launch this spring and will carry an annual fee...

Bilt and Point.Me Partner for Award Flight Search Integration

With several credit cards, customers can earn points that can then be transferred to various travel programs and redeemed for flights or hotel bookings. Unfortunately, finding and booking the best award travel deals isn't always as straightforward as one might assume. To assist with that, Bilt has unveiled a new integration with Point.Me that will help its rewards members search for award flights on airlines that participate in Bilt's transfer...

Zurp Raises $5 Million for Creator Experience Rewards Credit Card

A FinTech looking to marry credit card rewards with the creator economy has just closed a fresh round of funding. This week, Zurp announced that it had raised $5 million to create a "credit card for experiences." New Form, MAGIC Fund, Launchpad VC, OVO Fund, Darling Ventures, and Animal Capital all participated in the pre-seed fund along with a number of strategic investors. Zurp is a startup looking to create...