PALO ALTO, Calif.— The fintech Point has raised a $46.5 million Series B funding round.
“The company positions itself as a premium debit card company and tries to offer credit card rewards with debit cards,” noted Tech Crunch.
Opening a Point account currently costs $49 per year. Consumers get two free ATM withdrawals per month and don’t pay any foreign transaction fees.
Point users earn points with every purchase, receiving 1x points on subscriptions, such as Spotify and Netflix, 3x points on food deliveries and ridesharing, and 1x points on everything else.
Paying with a Point card also gives cardholders trip cancellation insurance, car rental insurance, global travel assistance, phone insurance and new purchase insurance, according to the report.