Renew Capital has made a strategic investment in Power Financial Wellness, a fintech platform dedicated to equipping workers with the tools necessary for effective financial management. Power Financial Wellness operates in several countries, including Kenya, Uganda, Tanzania, Zambia, Rwanda, and India. The company offers a comprehensive financial platform designed to enhance the financial health of workers in both formal and informal sectors.
The fintech company collaborates directly with employers and gig platforms to provide their workforce with access to financial tools that help reduce financial stress and increase productivity. Additionally, Power Financial Wellness extends its platform as a service to regulated banks, lenders, Savings and Credit Cooperative Organizations (SACCOS), and Human Resources (HR) platforms that seek to digitize or integrate financial services.
The fully digital platform offers a variety of services aimed at improving financial health. These services include earned wage access, which allows workers to access a portion of their earnings before the end of the month, thereby avoiding predatory lending practices. The platform also provides savings and investment options, long-term loans, and insurance premium financing, which supports workers in enrolling in essential insurance policies such as health and funeral insurance.
“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.”
Esther Mwikali, senior investment manager at Renew Capital, emphasized the platform’s significance in addressing financial needs across various economies;
Power Financial Wellness is addressing a critical need in both the formal and informal economies. 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 continuing to back growth-oriented founders across the continent.
