Hail, a fintech infrastructure startup, is now launching its full-stack credit card platform after a year in stealth mode and with $16.1 million in seed funding and $300 million in loan facility.
The New York-based company’s seed round was led by Anthemis and Fin Capital and included CRV, Financial Venture Studio, Dash Fund, Plug & Play and a group of angel investors.
CEO Randy Fernando and co-founder Andrew Dusty started Power a year ago after meeting at Acorns. Prior to Acorns, Fernando was the founder and CEO at Vault, a battlefield company that was acquired by Acorns and disrupted in 2016. Also in fintech, Dusty was leading the decision science team before Acorns.
Power’s first product is a credit card issuance program designed for companies, brands and banks to offer fintech experiences such as customized credit card programs, targeted promotions and personalized rewards that can be embedded into mobile and web applications.
What makes Power different, according to Fernando, is that the company built its infrastructure from the ground up and does not require third-party applications for card application or management. It also offers an all-in-one experience with templates to get you started easily and quickly. He also walks customers through card design, packaging, unboxing, marketing, loyalty, rewards and card servicing.
Although Fernando did not provide specifics on revenues and clients, he said most of the clients Power is currently working with have never offered a credit card program before. He also said that the company has issued thousands of cards this year and plans to increase that number to tens of thousands of cards next year.
To do this, the company is using its credit facility to fund credit card programs and its seed money to build its team, financial infrastructure and banking network.
Hail will now spend the next several months onboarding brands and launching their credit card programs.
“My belief is that over the next several years, consumers will go from banking to their favorite brands with fintech,” Fernando told TechCrunch. “That’s the vision we’re building on Power – building modern fintech into power trading.”
