Challenger bank Point has raised a $46.5 million Series B funding round. The company raised a $10.5 million Series A round 18 months ago and a seed round before that, which means that Point has raised $60 million in total, according to Yahoo Finance.
The company offers an account associated with a debit card. And the startup positions itself as a premium debit card company and tries to offer credit card rewards with debit cards.
Point tells you that you should ditch your credit card altogether. 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 $49 per year. You get two free ATM withdrawals per month and you don’t pay any foreign transaction fees.
After that, you can safely spend money with your Point card. You know that you have enough money to pay for your purchases as it’s a debit card. Every time you want to buy something expensive, you have to top up your account first.
Point users earn points with every purchase. You get 5x points on subscriptions, such as Spotify and Netflix, 3x points on food deliveries and ridesharing, and 1x points on everything else. If you pay with your Point card, you also get trip cancellation insurance, car rental insurance, global travel assistance, phone insurance and new purchase insurance.
You can control the Point card from the Point app — you can lock it and unlock it whenever you want and you can choose to receive notifications whenever you want. The Point debit card also works with Apple Pay and Google Pay.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
