Building great financial products requires the backing of great partners. Point is no exception in this respect and, since the company’s founding just over 4 years ago, we have benefited from the support of some the most respected names in venture capital and investment management. Today, we are excited and honored to unveil some exceptional new partners who are committed to helping Point build the next generation of finance solutions for homeowners. Collectively, these new partners are behind $122 million in new financing for Point.
Kingsbridge Wealth Management is investing $100 million in new platform capital with Point, money which goes directly toward homeowner investments. “Homeowners with substantial home equity now have access to liquidity, without the burdens that come with debt financing,” said David Dunn, Chief Investment Officer of Kingsbridge.
In addition to the platform capital investment from Kingsbridge, the Point team also shared details about a $22 million series B equity round. Investors in this round include two of the most celebrated impact investors in the nation, Prudential Finance and Enterprise Community Partners. Prudential Finance is 144 years young, holds $3 trillion of life insurance, and has repeatedly proven itself a pioneer when it comes to supporting the financial health of US consumers. “Our investment in Point is one more way we’re committing to helping consumers meet their goals and achieve lasting financial security,” said Miljana Vujosevic, Vice President of Impact Investments for Prudential.
Since its founding in 1982, Enterprise Community Partners has invested over $30 billion to create over 500,000 housing units. “As a nonprofit committed to making well-designed homes affordable, Enterprise Community Partners knows that innovation in financing and technology must be part of the solution to the housing challenges facing our country,” said Laurel Blatchford, president of Enterprise Community Partners. “By investing in Point, we want to understand how access to lower cost capital can improve housing stability, enabling homeowners to pay down higher cost debt or maintain or improve their properties.
Another investor in the series B is DAG Ventures. DAG has been one of Silicon Valley’s most consistently successful venture firms and its portfolio includes investments in the teams at Branch, Mint.com, Nextdoor, Oportun, WeWork, and Wealthfront; all of which share Point’s passion for creating community and opportunity. DAG also invested in Trialpay, the company that Point’s CEO and Co-founder Eddie Lim’s founded in 2006. Trialpay was acquired by Visa in 2015.
Ryan Falvey first gained exposure to Point when he was part of the team at the Center for Financial Services Innovation (CFSI). Point was selected to the highly prestigious Finlab in 2017, the first company offering home finance solution to be selected to “the Lab”. Since then, Ryan founded the Financial Venture Studio, one of the premier fintech venture investment firms, and one of Point’s new investors in its series B. “We are thrilled to be able to continue to support this team and their vision for a better home equity product.
When we first started Point just over 4 years ago, it was with critical support and belief of the teams at Andreessen Horowitz, Ribbit Capital, and Bloomberg Beta. These investors have participated in every round of financing since then and they have continued to support Point through this series B round.
With these new partners bolstering our ability to serve homeowners, Point is better equipped than ever to realize its vision of a compelling alternative to debt-based consumer finance. We have built a formidable team of engineers, designers, underwriters, and account managers who make it easy for homeowners to choose home equity investments. Every week, we welcome talented new contributors to our team who are inspiring even more innovation.
“Enormous changes are imminent in consumer finance, and Point is at the forefront of those changes. This is the emergence of a whole new class of financial solution that is aligned with homeowners,” said Eddie Lim, Point’s co-founder and CEO. That’s a cause we can all get behind.
Read the full press release for Point’s series B announcement here: http://www.globenewswire.com/news-release/2019/03/20/1757621/0/en/Point-Raises-122-Million-in-New-Funding.html