Power (website), a fintech infrastructure startup, is launching its comprehensive credit card issuing platform after a year in stealth mode and with $16.1 million in seed funding and a $300 million credit facility. The New York-based company’s seed round was led by Anthemis and Fin Capital and included CRV, Financial Venture Studio, Dash Fund, Plug & Play and a group of angel investors.
CEO Randy Fernando and co-founder Andrew Dust founded Power a year ago after meeting at Acorns. Power’s first product is its credit card spending program, designed for businesses, brands, and banks to offer embeddable fintech experiences, such as customized credit card programs, targeted promotions, and personalized rewards, into existing mobile and web applications.
Fernando said most of the customers with whom Power is currently working have never offered a credit card program. He also said the company plans to issue thousands of cards this year and increase that number to tens of thousands next year as it processes millions of dollars in transaction volume.
The company uses the credit facility to fund receivables from its credit card programs. It uses startup funding to build its team, financial infrastructure and banking network.
Power will spend the next few months bringing brands on board and launching their credit card programs.