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Power raises a $3M Seed Round to enable financial services across Sub-Saharan Africa.

Nairobi, Kenya, 13th February 2023 — Power Financial Wellness announced a $3M seed funding round led by DOB Equity, alongside Bolt by QED Investors, Quona Capital, Zephyr Acorn, and Norrsken Accelerator. The funds were intended to support the company’s growth in Kenya, Zambia, and other African markets.

  • Better focus & stronger team morale
  • Higher retention
  • Healthier work culture
  • Improved productivity and more consistent performance
Power was founded by Brian Dempsey and Chandra Singh in 2020. The company provides workers with access to financial services designed to improve financial health and wellbeing across Sub-Saharan Africa.
The release explains Power’s offer as a holistic financial services platform helping workers access earned wages, save and invest through regulated partners, qualify for longer-term credit, and enrol in affordable insurance.
Power’s solution includes:
  • A mobile app for workers
  • A workforce deduction management system for employers
  • A digital core banking engine connecting to regulated financial service providers
The announcement also frames the market context around financial inclusion and financial health in Kenya. It notes that formal financial access had grown significantly, but financial health had declined, citing FSD Kenya data that only 17% of Kenyans were financially healthy in 2021, compared with 39% in 2016.

The release positions Power’s work against broader African workforce trends, especially the growth of formal and informal workforces, digitisation, and the continued financial stress faced by workers.

There is an urgent need to develop a more holistic set of financial solutions that improve financial health and well-being, for both formal workers and the growing gig economy, says Brian Dempsey, co-founder and CEO of Power
The seed round was positioned as supporting Power’s growth in Kenya and Zambia, while deepening expansion across East, West, and Southern Africa.
At the time of the announcement, Power had onboarded over 70 employers and gig platforms representing over 40,000 workers in Kenya.
The release also explains Power’s Zambia and partner-market approach: partnering with banks and lenders to deliver a white-labelled Workplace Banking solution that can be deployed to companies banking with Power’s partners.
There is a growing global workforce that is unprotected, financially stressed, and unhealthy. At Power, we help individuals regain control of their financial well-being by connecting them to affordable and appropriate financial services,” says Dempsey. “We do this by providing a full digital banking platform connecting financial service providers, companies, and their workforces. We are incredibly excited to have such a strong group of investors join us on our journey to bring financial health to workers across Africa! Anne Njuki, Investment Professional at DOB Equity
The concerning deterioration in financial health, and increased prevalence of predatory financial instruments, present an opportunity for transparent, holistic and beneficial financial solutions,” says Anne Njuki, Investment Professional at DOB Equity. “We are thrilled to be teaming up with Power to scale up in Kenya and across Africa to address this pressing opportunity. Gbenga Ajayi, Partner and Head of Africa at QED Investors


There is an urgent need to develop a more holistic set of financial solutions that improve financial health and well-being, for both formal workers and the growing gig economy, says Brian Dempsey, co-founder and CEO of Power

About Power Financial WellnessPower Financial Wellness, Inc. was founded in 2020 and is a fintech company with operations in Kenya and Zambia, along with offices in the United States and India. The company aims to expand across Africa and connect working individuals to more affordable and appropriate financial services.

About DOB Equity

DOB Equity invests in high-impact, innovative, and scalable companies solving social and environmental challenges across East Africa. The firm provides catalytic capital and works with management teams as an active partner, offering funding, networks, technical assistance, and strategic support.

DOB Equity has offices in Nairobi and the Netherlands, with a portfolio across Kenya, Uganda, and Tanzania.

BOB Equity Website: LINK

About Quona

Quona Capital is a venture firm focused on fintech companies expanding access for underserved customers and small businesses in emerging markets, including Africa and the Middle East, Latin America, India, and Southeast Asia.

Quona Website: LINK