Point raises USD 46.5 mln in Series B funding round

Friday 3 September 2021 12:45 CET | News

Challenger bank Point has raised a USD 46.5 million Series B funding round.

The company offers an account associated with a debit card, positioning itself as a premium debit card company and trying to offer credit card rewards with debit cards.

The investors include Breyer Capital, YC Continuity, and Human Capital. The company raised a USD 10.5 million Series A round 18 months ago and a seed round before that, which means that Point has raised USD 60 million in total.

When you open a Point account, you can top it up with another debit card or set up direct deposits with your employer. Opening a Point account currently costs USD 49 per year. The users get two free ATM withdrawals per month and don’t pay any foreign transaction fees.

Point users earn points with every purchase. They get 5x points on subscriptions, such as Spotify and Netflix, 3x points on food deliveries and ridesharing, and 1x points on everything else. If they pay with their Point card, they also get trip cancellation insurance, car rental insurance, global travel assistance, phone insurance, and new purchase insurance.

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Keywords: funding, debit card, challenger bank, banks
Categories: Banking & Fintech
Countries: India
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Banking & Fintech

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