Empower Finance Raises Funds for Strategic Acquisitions and Expansion

Empower Finance's Acquisitions

Key Highlights:

• Acquisitions: Empower Finance, a San Francisco-based fintech company, acquired Petal, a consumer credit card company, and Cashalo, a consumer credit and lending company based in the Philippines.
• Strategic Presence: The acquisitions provide Empower with a strategic presence in the credit card category in the U.S. and the credit market in Southeast Asia.
• Petal: Petal is a credit card company that uses cash flow underwriting as an alternative to traditional credit scores, making credit more accessible to consumers without credit histories.
• Cashalo: Cashalo is a fintech platform that delivers digital credit to unbanked and underserved Filipinos.

Empower Finance's Target Market

• Target Market: Empower Finance aims to expand access to fair credit and improve financial security and mobility for individuals.
• Underserved Consumers: Individuals without credit histories or with limited access to traditional credit products.
• Flexible Working Patterns: Individuals with non-traditional working patterns who may not meet the criteria of mainstream lenders.

What Empower Finance Needs to Buy

• Technology and Data Analytics: Partnerships with technology companies and data analytics providers to enhance underwriting capabilities and assess financial responsibility.
• Expansion into New Markets: Collaborations with local fintech companies to expand into new markets and reach underserved populations.
• Regulatory Compliance Solutions: Services to ensure compliance with financial regulations and data privacy laws in different jurisdictions.