A power converter includes two flying capacitors coupled to a network of switches, two inductors and a driver. The network of switches has a first switch to couple the first flying capacitor to a first port, a first ground switch to couple the first flying capacitor to ground, a second switch to couple the second flying capacitor to the first port, a second ground switch to couple the second flying capacitor to ground. The driver drives the network of switches with a sequence of states comprising a first state. In the first state the first port is coupled to a second port via a first path and a second path. The first path includes the first switch, the first flying capacitor and the first inductor. The second path includes the second switch, the second flying capacitor and the second inductor; the ground port is decoupled from the second port.