New York-based startup Power has done as much to prepare for a public launch as any new company could hope for. In anticipation of its revolutionary credit card issuance platform, which bypasses existing third-party card infrastructure, Power has been in development in stealth mode for more than a year and raised over $300 million in credit and $16 million in seed funding.
As of mid-September, the company has decided it’s ready for prime time. In an announcement by Power and its leadership team, Vault and Amount alums Randy Fernando and Andrew Dust, the company declared that its unique all-in-one credit card platform is now online.
As Fernando put it in an interview on the launch, “My belief is that over the next several years, consumers will go from banking with fintechs to banking with their favorite brands. That is the vision we are building at Power — building modern fintech to power commerce.”
In the coming months, Power is expected to build out its partnership network with winning brands and kicking off its new credit card programs. Considering the preparation that has gone into the new platform to this point, it’s easy to imagine Power quickly becoming the next big name in fintech infrastructure.