Fintech Insights: Point Raises $46.5 Million in Series B Funding

Reward-based debit card start-up Point has raised $46.5 million in Series B funding, led by Valar Ventures, with participation from Breyer Capital, YC Continuity and Human Capital. San Francisco-based Point was launched in July 2020 as a consumer banking app combined with a debit card; aimed at reproducing the experience of a credit card without the need for a credit check, by offering a debit card with point-based rewards. The card comes with an annual fee of $49.

Following a seed round in March 2020, the company raised $10.5 million in Series A financing; bringing the total raised to $60 million. The funding is being earmarked for expansion of Point’s product suite, extension of its product features and growing its headcount.