DOB Equity leads investment in Power Financial Wellness

Power Financial Wellness, a Kenyan-based financial technology provider, has secured $3 million in seed funding to expand its financial services to employees and gig workers across sub-Saharan Africa.

The investment round was led by DOB Equity, along with Bolt by QED Investors, Quona Capital, Zephyr Acorn and Norrsken Accelerator.

The funds will be used to support the company’s growth in Kenya, Zambia, and other countries across Africa.

Power’s mobile app allows workers to access earned wages, streamline savings and investments, qualify for longer-term credit, and enroll in affordable insurance.

Power has already onboarded over 70 employers and gig platforms representing over 40,000 workers in Kenya and aims to deepen its presence across East, West, and Southern Africa.

By expanding its financial services, Power aims to address the growing financial stress experienced by both formal employees and informal gig workers in sub-Saharan Africa.