US fintech Power raises $316m

Power, a start-up with headquarters in New York and a full-stack platform for credit card issuing, has come out of hiding with $316 million in debt and equity capital.

With contributions from angel investors like CRV, Financial Venture Studio, Dash Fund, Plug and Play, and others, the startup has raised $300 million in a credit facility and $16.1 million in early funding, which was spearheaded by Anthemis and Fin Capital.

In order to give customers a “frictionless experience” while applying for and managing their cards, Power seeks to deliver white-label fintech infrastructure for consumer, commercial, and banking organisations, incorporated within existing mobile and online applications and without the need for third-party apps.

With targeted marketing and individualised rewards, its first product, the credit card issuing platform, seeks to assist brands in launching customised consumer and business credit card programmes.

Randy Fernando, a financial industry veteran and serial entrepreneur, and Andrew Dust, who oversaw data analytics at Acorns, where the two first met, co-founded Power last year.

“After just over twelve months, Power is already live in the market and on track to issue thousands of credit cards this year,” says Fernando, CEO of Power.

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