Power Emerges From Stealth With $316M for White-Label Credit Card Issuance
Power launched publicly after raising $316.1 million in funding to build a full-stack, white-labeled credit card issuance platform. The company had been operating in stealth mode before the September 2022 announcement. Power's platform is designed to embed directly within companies' existing mobile and web applications, enabling a seamless customer experience for credit card applications and management.
The substantial funding level signals strong investor confidence in the embedded credit card issuance market. By offering a white-label approach, Power allows brands to offer co-branded or fully branded credit card products without building the underlying financial infrastructure. The platform addresses the growing demand from non-financial companies seeking to monetize their customer relationships through embedded financial products.
Power's entry adds significant competition to the embedded finance space alongside existing players like Bond and Marqeta.
- A $316M raise signals significant investor appetite for embedded credit card infrastructure despite broader fintech funding slowdown
- Increases competitive pressure on existing card-as-a-service and BaaS providers in the embedded finance space