Empower

Empower

Subscription service for personal finance management

About Empower

Simplify's Rating
Why Empower is rated
A-
Rated B on Competitive Edge
Rated A on Growth Potential
Rated A on Differentiation

Industries

Fintech

Financial Services

Company Size

201-500

Company Stage

Debt Financing

Total Funding

$174.5M

Headquarters

San Francisco, California

Founded

2016

Overview

Empower.me provides personal finance management and credit building services through a subscription-based model. Users can access a variety of financial tools, including budgeting tools, customizable payment plans, and credit score monitoring. The service is particularly beneficial for individuals looking to improve their financial health, especially those with no minimum credit score. A key feature of Empower.me is its ability to report users' payments to credit bureaus, which helps in building a positive credit history. Users can also apply for a Thrive line of credit, which involves a soft inquiry on their credit report. Empower.me differentiates itself from competitors by focusing on credit building and offering a low monthly subscription fee after a 14-day free trial. The company's goal is to help individuals manage their finances effectively, build credit, and save money.

Simplify Jobs

Simplify's Take

What believers are saying

  • Growing demand for financial literacy tools among millennials and Gen Z boosts Empower's market.
  • Partnerships with companies like Allianz Life enhance Empower's comprehensive financial solutions.
  • Rising popularity of cash advance apps supports Empower's quick fund access services.

What critics are saying

  • Increased competition from fintech companies like Dave and Earnin threatens market share.
  • Regulatory scrutiny over subscription models could impact Empower's business operations.
  • Integration challenges from Petal and Cashalo acquisitions may disrupt customer service.

What makes Empower unique

  • Empower offers a unique subscription-based service for financial management and credit building.
  • The Thrive line of credit provides low-cost borrowing with no impact on credit scores.
  • Empower's acquisition of Petal and Cashalo expands its reach in underserved credit markets.

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Funding

Total Funding

$174.5M

Above

Industry Average

Funded Over

4 Rounds

Late VC funding comparison data is currently unavailable. We're working to provide this information soon!
Late VC Funding Comparison
Coming Soon

Benefits

Generous equity package

Full healthcare benefits

Unlimited PTO

Technology expense reimbursement

Work from anywhere

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

-1%

2 year growth

0%
Coverage
Jan 5th, 2025
Allianz Life Partners With Empower To Offer Lifetime Income Annuity

Allianz Life <i class="fa fa-info-circle company-popover" data-content="h3Allianz Life/h3. div. table

Coverage
Apr 9th, 2024
Empower To Acquire Petal

Financial technology company. Empower <i class="fa fa-info-circle company-popover" data-content="h3Empower/h3. div

Finextra
Apr 9th, 2024
Credit fintech Petal agrees sale to Empower

Empower Finance has agreed to buy US credit fintech Petal and closed the acquisition of Philippines-based Cashalo.

PR Newswire
Apr 9th, 2024
Empower Signs Definitive Agreement to Acquire Petal, and Completes Acquisition of Cashalo, to Accelerate Access to Fair Credit for Underserved Consumers

/PRNewswire/ -- Empower Finance, Inc. has entered into a definitive agreement to acquire Petal, a consumer credit card and financial technology company...

NerdWallet
Mar 18th, 2024
8 Apps That Loan You Money: Compare Cash Advance Apps

NerdWallet partners with Empower to provide consumers with small cash advances ($10-$250) quickly (within an hour).

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Empower is Hiring for 23 Jobs on Simplify!

Find jobs on Simplify and start your career today

💡
We update Empower's jobs every few hours, so check again soon! Browse all jobs →

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