Empower Finance, Inc.
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Empower Finance, Inc. - overview
Established
2016
Location
San Francisco, CA, US
Primary Industry
Financial Services
About
Empower Finance, Inc. is a financial technology company that provides cash advance services and a line of credit, enabling users to access immediate funds and build credit history effectively. Founded in 2016 and headquartered in San Francisco, US, Empower Finance specializes in providing financial products and services. The company has successfully completed 6 deals since its inception, with its latest funding round, a Series A, occurring in September 2022, where it raised USD 20.
00 mn led by Defy. vc. The company's founders include Fanta Diallo, Justin Ammerlaan, Lisen Moll, Mamta Bakliwal, Patrik Moll, and Warren Hogarth, with Lisen Moll serving as CEO. Empower offers a Cash Advance service that grants users instant access to funds ranging from USD 10 to USD 300, which is designed to assist those needing immediate financial support.
Additionally, the Empower Thrive line of credit, in partnership with FinWise Bank, starts at USD 200 and helps users build positive credit histories through flexible repayment plans. The services are available broadly across the United States, excluding states like Connecticut and Maryland, and focus on empowering customers with personalized budgeting tools. Empower generates revenue primarily through a subscription model, charging a monthly fee of USD 8 for access to its full suite of financial services, including the Thrive line of credit. This model encourages users to maintain regular engagement with the platform, as fees apply for instant delivery of funds and the Cash Advance service does not incur interest or late fees.
The company's fee structure promotes customer retention and supports financial literacy among users. In September 2022, Empower Finance, Inc. raised an undisclosed amount in venture debt funding from Community Investment Management as part of a larger USD 150 mn funding round. The company plans to utilize this funding to expand its offerings, which may include new product launches and enhancements aimed at better serving their customer base.
Specific details regarding new products and targeted geographic regions for expansion have yet to be announced.
Current Investors
Sequoia, Initialized Capital, Icon Ventures
Primary Industry
Financial Services
Sub Industries
e-Financial, Content Management Software, Analytics & Performance Software, Accounting/Finance Software
Website
www.empower.me
Verticals
Artificial Intelligence, FinTech, Mobile Apps
Company Stage
Series B
Total Amount Raised
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Empower Finance, Inc. - employee data
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