Empower, a San Francisco, CA-based financial technology company, raised $4.5m in funding.
The round was led by Initialized Capital with participation from existing investor Sequoia Capital.
The company intends to use the funds to accelerate development of its new product offering, Empower banking.
Led by Warren Hogarth, CEO and co-founder, Empower is a mobile bank that will allow members to earn 1% cashback on purchases paid with its debit card, 1.85 annual percentage yields on savings accounts along with no maintenance, foreign transaction fees or account minimums. Users can access their checking and savings accounts for free at over 25,000 ATMs or use an out-of-network ATM anywhere in the world and get reimbursed.
The service also comes with an artificial intelligence-powered assistant for members to make improved financial decisions.
The app is available on iOS and Android.