Power is a New York–based fintech infrastructure startup providing a full-stack credit card issuance platform for companies, brands and banks to embed customized credit card programs into mobile and web applications. Its platform handles card application and management without third-party apps and offers templates plus an end-to-end experience covering card design, packaging, unboxing, marketing, loyalty, rewards and servicing. The company emerged from a year in stealth and was founded by CEO Randy Fernando and co-founder Andrew Dust after meeting at Acorns; Fernando previously founded Vault and Dust led decision science at Amount. Power says the majority of its early customers have never offered a credit card program before and plans to issue thousands of cards this year and tens of thousands next year while processing millions of dollars in transaction volume. Financially, the company announced $16.1 million in seed equity and a $300 million credit facility; it will use the facility to fund receivables and the seed to build its team, financial infrastructure and bank network. Over the next several months Power will onboard brands and launch their credit card programs as it scales issuance and transaction processing.

Total raised

$316M

Funding rounds

2

Latest round

Seed

Latest activity

Sep 2022