The startup offers a financial technology application that provides cash advances, interest checking, automated savings, and budget tracking to enhance users' financial literacy and outcomes. By integrating personalized recommendations, the platform aims to improve access to fair credit for individuals facing financial barriers.
Funding
$1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals face unexpected expenses or income shortfalls between paychecks, leading to reliance on high-interest options like payday loans or credit card advances. Traditional financial institutions often have strict eligibility requirements, making it difficult for some individuals to access small amounts of credit quickly.
Solution
Empower is a financial technology platform that provides cash advances and credit-building tools designed to improve financial stability and access to credit. Users can access interest-free cash advances to cover immediate needs, with repayment aligned to their next paycheck. Empower also offers a line of credit called Thrive, which helps users build credit history through responsible repayment, with potential for credit limit increases over time. The platform integrates budgeting and savings tools to promote better financial habits and literacy.
Target Audience
Empower targets individuals who need short-term access to funds and those looking to build or improve their credit history, particularly those underserved by traditional financial institutions.
Features
- Cash advances ranging from $10 to $300 for eligible users, with no interest or late fees.
- Instant delivery of cash advances for a fee.
- "Thrive" line of credit, ranging from $200 to $400, designed to help users build credit, subject to credit approval.
- Reporting of Thrive payments to credit bureaus to establish credit history.
- Potential for credit limit increases on the Thrive line of credit with on-time payments.
- Automatic savings feature that requires opening a deposit account through nbkc bank, Member FDIC.
- A 14-day free trial for first-time users.