A power module has an inductor assembly and a device assembly beneath it. The inductor assembly has a magnetic core with a winding at least partially embedded. The winding has a first end and a second end exposed on a bottom surface of the inductor assembly, and the first end provides an output voltage. The device assembly has a die substrate, a first power die having a first switch, and a second power die having a second switch. The switches are electrically connected in series between an input voltage and ground reference. The second power die is embedded in the die substrate, having metal contacts on both its top side and bottom side. A first plurality of metal contacts of the first power die and the metal contacts on the top side of the second power die are electrically connected together and both to the second end of the winding.