Power, a financial technology company based in Kenya, has secured a $3 million seed funding round led by DOB Equity, with participation from Bolt by QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Accelerator.
Power plans to use the funding to expand into other countries across Africa, including Zambia and Kenya.
Founded in 2020 by Brian Dempsey and Chandra Singh, Power targets employees and gig workers across Sub-Saharan Africa with a comprehensive range of financial services. Its aim is to empower workers to manage their financial well-being effectively.
Power’s services consists of a mobile app for employees and workers, a workforce deduction management system for employers, and a digital core banking engine that connects to regulated financial service providers. With the mobile app, workers can complete their digital on-boarding and verification process and gain immediate access to Power’s suite of services.
According to the startup, their services help individuals access their earned wages, streamline their savings and investments through regulated partners, qualify for longer-term credit, and also enroll in affordable insurance.
According to Brian Dempsey, founder and CEO of Power:
There is an urgent need to develop a more holistic set of financial solutions that improve financial health and well-being for both formal workers and the growing gig economy. We provide a complete digital banking platform connecting financial service providers, companies, and their workforces.
Power has a direct customer engagement strategy in Kenya and has already on-boarded over 70 employers and gig platforms which collectively represent over 40,000 workers.
For its expansion plan into other regions like Zambia, Power strategically partners with banks and lenders and delivers a white labelled Workplace Banking solution that is quick to deploy and can be used by companies that bank with the partners.
“The deterioration in financial health and increased prevalence of predatory financial instruments present an opportunity for transparent, holistic, and beneficial financial solutions. We are thrilled to be teaming up with Power to scale up in Kenya and across Africa to address this pressing opportunity,” said Anne Njuki, Investment Professional at DOB Equity.
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