Power, co-founded by Brian Dempsey and Chandra Singh in 2020, integrates with employer payroll and payment systems to offer short- and long-term loans, earned-wage access, insurance and investment options to workers. The platform performs digital ID checks, real-time credit bureau pulls and uses employer data (salary, tenure, contract type) to set loan amounts, rates and tenures, and allows HR to approve or reject requests. Power only lends to employees and contractors of onboarded companies to lower default risk and deducts repayments at source before wages hit users' accounts. It charges long-term loans at roughly 2–3% interest per month and has disbursed more than $1.5 million in loans since launch. The startup has onboarded 75 companies, giving access to more than 40,000 workers and has served about 15% of that base so far. Power plans to reach 250 companies in Kenya and expand to at least 10 African markets over the next three years, starting with a Zambia entry where it will act as a technology partner and has signed a deal with a southern African bank.

Total raised

$3M

Funding rounds

1

Latest round

Seed

Latest activity

Feb 2023