Point, a new US-based challenger bank, has reportedly closed a $10.5m Series A round, coming ahead of the public launch of its services.
Valar Ventures led the round, with additional contributions coming from Y Combinator, Kindred Ventures, Finventure Studio and several business angels, according to a report from TechCrunch.
The challenger bank has been available in private beta for a year and later this month it will be opening up to the general public, the article states. Consumers can now signup for the waitlist. Furthermore, Point will be releasing a newer version of its platform.
Point, which will be available on the iOS and Android devices, offers consumers a checking account, with no hidden fees and a 0.001% APY. Through the mobile app, users can monitor their spending and balance, pay online, receive transaction notification and more.
Users also receive a debit card which gives rewards when spending at select merchants, including Uber, Airbnb and Starbucks.
There have been a number of US challenger banks to raise funds this year.
Upgrade recently secured a $40m investment round led by Santander InnoVentures to fuel the growth of current and upcoming products.
Other US challenger banks to raise capital this year include Chime, Empower, One and NorthOne.
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