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Press Release: Power Financial Wellness Puts Financial Control Back in Workers’ Hands
By Renew Capital | Thu Dec 26 2024
Renew Capital invests in Power Financial Wellness, a platform providing workers with the tools to manage their finances effectively.
NAIROBI, Kenya, December 26, 2024 – Power Financial Wellness is helping workers across Africa to better manage their money. The fintech company, with customers or subsidiaries in Kenya, Uganda, Tanzania, Zambia, Rwanda and India, offers an all-inclusive financial platform that helps workers in both formal and informal sectors to improve their financial health. The company works directly with employers and gig platforms to provide their workforce with access to financial tools that reduce financial-related stress and boost productivity. Power also provides its Platform as a Service to other regulated banks, lenders, SACCOS and HR platforms looking to digitize or embed financial services.
The fully digital platform provides workers with a range of services to improve financial health. These services include earned wage access, which enables workers to access a portion of their earnings before the end of the month to avoid predatory lending. The platform also offers savings and investment options, longer-term loans and insurance premium financing that supports workers enrolling in health, funeral and other essential insurances. All of these services are seamlessly integrated into workers’ income streams, which makes the financial management process simple and stress-free.
“We believe in empowering individuals by giving them access to tools that enable them to pay, save, borrow and protect their financial health,” said Brian Dempsey, founder of Power Financial Wellness. “By linking these services directly to their earnings, we provide a frictionless way for individuals to manage their finances, reduce stress and take control of their financial future.”
Power provides a financial wellness ecosystem where workers have the resources and guidance to improve their financial health and access the services they need in one place. Their solution is designed to not only support day-to-day financial needs but also provide long-term financial stability and growth opportunities for workers in both formal and informal sectors.
“Power Financial Wellness is addressing a critical need in both the formal and informal economies,” said Esther Mwikali, senior investment manager at Renew Capital. “Their platform offers a comprehensive, easy-to-use solution that empowers workers to manage their finances, access savings and loans and protect their future. We are committed to continue backing growth-oriented founders across the continent.”
Support to Renew Capital portfolio companies is provided in partnership with Global Affairs Canada.
About Power Financial Wellness
Power Financial Wellness empowers workers across Africa with tools to manage their finances, improve financial health and achieve long-term stability through an all-in-one platform. Visit https://yourpower.io/ for more information.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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