Kenyan fintech startup, Power, secures $3 million in seed funding to enter other African markets – THE INFORMANTI

  • Kenyan fintech startup, Power, has closed $3 million in seed funding to scale in Kenya.
  • DOB Equity led the round with participation from QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Impact Accelerator.
  • Power also intends to expand into at least ten African markets over the next three years.

Launched by Brian Dempsey and Chandra Singh in 2020, Power Financial Wellness helps employees access financial services.

The startup provides short and long-term loans, investment opportunities, and insurance products to partner employees. 

Power claims it only lends to employees and contractors (gig workers) of companies on its platform, reducing the risk of default and ensuring borrowers have access to funds they can repay.

Employees at Power have access to long-term loans based on their earnings that are available for 2-3% interest per month and can access a portion of them in advance. HR can access, approve, or reject employee loan requests using the platform.

Per the company, it connects to the credit bureau in real time to pull information on other facilities it might have in the market. And it says it uses all that information to provide an amount, interest rate, and loan tenure.

Additionally, people can buy different insurance products, pay for them over a long period with the same interest, and gain access to partner company packages that demand lump-sum payments.

Since its launch, the company has disbursed loans totalling more than $1.5 million. It intends to contact 250 businesses in Kenya.

So far, it has onboarded 75 Kenyan companies, giving it access to over 40,000 workers, 15% of whom it has been able to serve.

Besides, Power says it has expanded to Zambia, where it plans to become a technology partner rather than an active lender. Also, it has partnered with First Capital Bank to launch its most recent strategy.

The company claims it has bank partnerships in Zimbabwe, Zambia, Malawi, Mozambique, and Botswana. It also plans to continue collaborating with banks to offer a new range of services.


According to those who have had the pleasure of working with Naboth, they have noted that he has a strong understanding of ICT and its potential to improve efficiency and productivity in various industries. He is a natural problem solver and is able to think critically when it comes to leveraging technology to achieve business goals. His ability to stay current with the latest developments in ICT, combined with his ability to communicate effectively with both technical and non-technical colleagues, makes him a valuable asset to any team. His passion for ICT and his drive to continuously improve his skills make him a leader in his field.

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