New Challenger Bank Point Has Closed a $10.5 Million Series A

Fintech banking app Point (not be to be confused with the real estate fintech) has announced its first major round of fundraising and that it will be moving out of private beta later this month; Point has closed a $10.5 million Series A led by Valar Ventures with Y Combinator, Kindred Ventures, Finventure Studio and business angels also participating; Point is looking to recreate the experience of credit cards but with debit cards; the debit card is tightly integrated into the app and has a physical as well as a virtual card; there is a rewards system where every transaction earns points and where one point equals one cent; Point has partnered with Radius Bank for the banking infrastructure. TechCrunch.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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