Reward-based debit card startup Point has closed a $46.5m Series B funding round that was led by the Peter Thiel-owned Valar Ventures.
This recent funding round follows the company’s previous $10.5m Series A capital raise back in March 2020. Following the Series B, Point has raised a total of $60m.
Founded in 2018, Point claims it is bringing rewards and benefits to the debit card market to help young millennials who are suffering from debt issues. The company provides cardholders with unlimited cash-back by earning points on every purchase as well as extensive travel protections and purchase insurance benefits.
Currently, opening an account with Point costs $49 per year and comes with two free ATM withdrawals every month alongside no foreign transaction fees.
According to Point, the new funding will help the company support the growth of its team, expand features and build a more extensive product suite.
Point CEO and co-founder Patrick Mrozowski said, “We are so excited to announce our Series B funding round today to bring a superior debit experience to Gen Z and Millennials, who have been massively underserved by legacy banking institutions with clunky debit cards with no rewards, or credit cards that trap them into debt.”
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