Renew Capital invests in Power Financial Wellness
The fintech company helps workers in both the formal and informal sectors to improve their financial health.
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Renew Capital has invested in Power Financial Wellness, a platform providing workers with the tools to manage their finances effectively.
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.
Power Financial Wellness works directly with employers and gig platforms to provide their workforce with access to financial tools that reduce financial-related stress and boost productivity. The company also provides its platform as a service to other regulated banks, lenders, SACCOS and HR platforms looking to digitise 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.
“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 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.”
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