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Empower Bags $20M to Build AI-Powered Banking App

By: Banking CIO Outlook | Monday, March 30, 2020

Empower has secured $20 million to fuel growth and product innovation, building an AI-driven mobile banking app.

FREMONT, CA: Empower has raised $20 million in Series A funding led by new investors Defy Ventures, Icon Ventures, and David Velez, the Founder and CEO of Nubank. The investment was also funded by existing investors - Sequoia Capital and Initialized Capital. The company has created a distinctive consumer banking experience integrating AI and human coaching to power an innovative suite of personal finance solutions, including high-yield deposit products, easy budgeting and spend tracking, bill negotiation, and subscription management. It also includes personalized recommendations to empower millennials to make better financial decisions.

Empower's recent investment follows the company's successful launch of high-interest checking and automated savings accounts at 1.60 percent APY with no minimums, unlimited withdrawals, and no overdraft fees. The company is democratizing access to financial experts and products that used to be available to only the top 1 percent of the wealthiest people. The accelerated demand in the market for financial knowledge to be more practical implies actionable, customized information in real-time to create better outcomes. Empower will drive growth and product innovation, reimagining consumer banking for today's generation.

Empower is a mobile banking app offering AI-powered consumer banking experience that's instantly accessible to anyone. The company aims to democratize access to financial knowledge and improved economic outcomes, and provide tangible, positive outcomes and give people greater agency and confidence as they navigate their financial life. Empower attracts the a new generation of young tech-savvy customers who are hungry for financial knowledge – the guidance they see lacking in traditional banking.

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