Power offers a cloud-native, white-label card issuing and management platform for banks and non-bank enterprises to offer credit cards, targeted promotions, and personalized reward cards, through their existing mobile and web apps. The platform offers end-to-end infrastructure, covering customer experience, application decisioning, transaction processing, and know-your-customer (KYC; through third-party integrations) solutions.
Power reportedly stands out from typical card issuing platforms, as it does not require third-party apps for card application and management. It also offers templates to help customers design and deliver their cards.
Key customers and partnerships
In September 2022, Power had issued cards for its first brands with a pipeline of customers set to go live within the year. Most of its early customers were reportedly ones that had never been offered a credit card program before. Power also had plans to issue “thousands” of cards within 2022, and expand it to “tens of thousands” in 2023, by using its USD 300 million credit facility (received in September 2022) to fund the credit card receivables.
Funding and financials
Power came out of stealth and raised USD 16.1 million in seed funding in September 2022, co-led by Anthemis and Fin Capital, to invest in recruitment and developing its product and bank network.
Power Finance, Inc was acquired by Marqeta for USD 275 million in January 2023 (completed in February 2023).
No investor data is available
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