Power Financial Wellness, a Kenyan fintech company, raised $3M in seed funding to enhance its financial services for workers across Africa.

Information on the Target

Power Financial Wellness (Power), a financial technology provider based in Kenya, has successfully raised $3 million in a seed funding round. This round was led by DOB Equity, with participation from investors such as Bolt by QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Accelerator. The capital raised will be allocated towards enhancing the company's operations and expanding its services across Kenya, Zambia, and additional markets in Africa.

Established in 2020 by Brian Dempsey and Chandra Singh, Power aims to empower workers by providing a comprehensive suite of financial services tailored for employees and gig workers throughout Sub-Saharan Africa. Their solutions facilitate access to earned wages, enable streamlined savings and investments through regulated partners, and offer pathways to longer-term credit and affordable insurance—all designed to promote financial stability and reduce stress associated with financial challenges.

Industry Overview in Kenya

The financial landscape in Africa has seen significant advancements in financial inclusion over the past decade. In Kenya, approximately 84% of adults utilized financial products from formal institutions as of 2021, a marked increase from just 27% in 2006. Despite th