A Kenyan fintech startup, Power Financial Wellness, has secured $3 million in seed funding and aims to scale its operations in Kenya and expand into Zambia.
The funding was led by DOB Equity with participation from Bolt by QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Accelerator.
The start-up seeks to advance the financial well-being of its customers by partnering with companies hence enabling their employees, “To access short and long-term loans, investment opportunities, and insurance products.”
The firm lends money only to employees and contractors or gig workers of companies they partner with.
75 companies in Kenya have so far partnered with the firm and more than 40,000 employees have benefitted. The firm plans to bring on board other 200 companies in the country.
Power Financial Wellness claims it has disbursed more than 1.5 million in loans since it was launched.
The startup was founded by Brian Dempsey and Chandra Singh in 2020.