Point positions itself as the “anti-credit card,” coupling a checking account and debit card with rich rewards and travel protections traditionally reserved for credit products. Users pay a $49 annual membership fee, can fund the account via direct deposit or another debit card, and earn 5× points on subscriptions, 3× on food delivery and ridesharing, and 1× on all other purchases. The card includes benefits such as trip-cancellation, car-rental, phone, and purchase insurance, and can be locked, unlocked, and monitored through the Point mobile app; it also supports Apple Pay and Google Pay. Because it is a debit product, customers can only spend the cash they have on hand, helping avoid interest charges and debt accumulation. With the fresh capital, Point plans to accelerate hiring, launch new features, and roll out additional products to broaden its financial offering. Financially, the company has raised $60 million in total, comprising a seed round, a $10.5 million Series A completed 18 months ago, and the new Series B. No user or revenue metrics were disclosed in the article.

Total raised

$57M

Funding rounds

2

Latest round

Series B

Latest activity

Sep 2021