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.

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