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Fintech startup Power flexes credit card muscles after $316M equity, debt injection • londonbusinessblog.com

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Currenta fintech infrastructure startup, is now launching its full-stack 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 starting round was led by Anthemis and Fin Capital and included CRV, Financial Venture Studio, Dash Fund, Plug & Play and a group of investors.

CEO Randy Fernando and co-founder Andrew Dust started Power a year ago after meeting at Acorns. Prior to Acorns, Fernando was a founder and CEO at 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 its credit card issuance program, designed for businesses, brands and banks to deliver embeddable fintech experiences, such as custom credit card programs, targeted promotions and personalized rewards, into existing mobile and web applications.

What makes Power different, according to Fernando, is that the company has built its infrastructure from the ground up and does not require any third-party apps for map application or management. It also offers an all-in-one experience with templates to get started easier and faster. It also guides customers through card design, packaging, unboxing, marketing, loyalty, rewards and card maintenance.

While Fernando won’t go into details about revenue or customers, he did say that the majority of customers Power currently works with have never offered a credit card program before. He also said the company has 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 that, the company uses the credit facility to fund the credit card program’s receivables and uses the seed funding to build its team, financial infrastructure and banking network.

Power will now spend the next few months onboarding brands and launching their credit card programs.

“My belief is that in the coming years, consumers will move from banking with fintechs to banking with their favorite brands,” Fernando told londonbusinessblog.com. “That’s the vision we’re building at Power – building modern fintech to drive commerce.”

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