Grace Ashiru
Power, a Kenyan fintech company, got $3 million in seed funding from a round led by DOB Equity. It plans to grow its services in Kenya and enter Zambia.
Power was started in 2020 by Brian Dempsey and Chandra Singh. It gives partner employees access to financial tools like short-term and long-term loans, opportunities to invest, and insurance products.
It’s different from other microlenders because it doesn’t use credit reference bureaus to decide who to lend to. Instead, it only lends to employees and contractors (gig workers) of companies that have joined their platform. This lowers the risk of defaults and ensures that people who borrow money can pay it back.
Power has a portfolio of over 75 companies in Kenya, with access to over 40,000 workers, out of which it’s been able to serve 15%. Since it started, the company has also given out more than $1.5 million in loans and wants to reach 250 companies in Kenya.
According to Dempsey, the fintech is now scaling in Kenya and expanding into Zambia, aiming to be a technology partner rather than an active lender. It has secured a partnership with a Southern African bank to kick-start its current strategy.
Power also says it wants to grow into at least ten African markets in the next three years.
