Mobile Banking App Empower Finance Closes $20 Million Series A

Empower is a new digital banking that helps consumers earn, save and spend money more wisely; the company, founded by former Sequoia Capital partner Warren Hogarth, just closed a $20 million Series A from Icon Ventures and Defy Ventures; David Velez, the founder and CEO of Nubank, also participated in the round; Empower has 600,000 active users and they are attracted by the company’s promise of combining AI and actual human financial planners to help millennials accrue wealth and save money; their savings account pays 1.60% as of today with no minimums, no overdraft fees and unlimited withdrawals; users pay $6 per month but the app helps them save $1,300 more annually. Tech Crunch

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