Power

Power Financial Wellness, Inc. is a financial technology company founded in 2020 by Brian Dempsey and Chandramanshu Singh, with its headquarters in Nairobi, Kenya. The company operates with a mission to improve the financial health of Africa's workforce, targeting both formally employed and gig economy workers who are often underserved by traditional financial institutions. Co-founder and CEO Brian Dempsey brings over a decade of experience in African financial services, where he observed the financial stress faced by workers who often deplete their earnings early in the month.

The firm's business model is centered around a B2B2C approach, partnering directly with employers and gig platforms to offer its financial wellness platform to their workers. This integration allows Power to access data on earnings and employment status, enabling it to provide tailored financial products. Revenue is generated through multiple streams, including fees on earned wage access, interest on loans, commissions on insurance products sold through the platform, and a Software-as-a-Service (SaaS) fee for banking partners that use its digital core banking engine.

Power's platform delivers a comprehensive suite of financial services aimed at putting individuals in control of their finances. Key offerings include 'Power to Pay,' which provides earned wage access so workers can cover expenses without resorting to predatory lenders; 'Power to Save,' which facilitates streamlined savings and investments; 'Power to Borrow,' for affordable longer-term credit; and 'Power to Protect,' offering access to digitized insurance products. By February 2023, the company had onboarded over 70 employers in Kenya, representing more than 40,000 workers, and secured a $3 million seed funding round to fuel its expansion in Kenya, Zambia, and other African nations.

Keywords: financial wellness, fintech, earned wage access, employee benefits, micro-lending, financial inclusion, insurtech, workplace banking, B2B2C platform, Africa