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African Startup Funding Tracker

$616,779,000+

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Kenyan Fintech Startup Power Secures USD 3 M Seed Funding
Kenyan Fintech Startup Power Secures USD 3 M Seed Funding

Power Financial Wellness has secured USD 3 M seed funding in a round led by DOB Equity with participation from QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Impact Accelerator. The startup plans to continue partnering with banks leveraging the technology to allow them offer a new range of services to workers, and disrupt the market/

The startup issues partner employees access to short and long-term loans, investment opportunities, and insurance products. Unlike other micro lenders who rely on credit reference bureaus to make lending decisions, it only lends to employees and contractors (gig workers) of companies they have on-boarded on their platform, lowering the risk of defaults, and ensuring that borrowers access funds that they can pay back. Power gives employees the ability to access a percent of their earnings in advance, and long-term loans on its balance sheet, based on their earnings, for 2-3% interest a month. Its platform also allows HR to access, approve or reject employee loan requests.