Point, a Palo Alto, CA-based financial technology platform driving home equity investments, secured $122m in funding.
The deal included:
– a $22m Series B round led by Prudential Financial (NYSE:PRU) and DAG Ventures, with participation from existing investors including Andreessen Horowitz, Ribbit Capital, and Bloomberg Beta and new investors Financial Venture Studio and Enterprise Community Partners.
– a platform capital commitment of $100m from Kingsbridge Wealth Management, which also participated in the equity round.
The company intends to use the funds to expand its business reach from 13 states and the District of Columbia currently served to over 30 states by the end of 2020.
Led by Eddie Lim, co-founder and CEO, Point is a financial technology platform that allows homeowners to free their home equity wealth without taking on new debt. Point will invest in a slice of a home equity, paying the homeowners cash instantly. They can get $35,000-$250,000, depending on the home value and the amount of equity they own. Point is not added to the title of the property.
The company has recently begun to offer longer-term home equity investments to select homeowners and will expand access to its 30-year product offerings in 2019.
Launched in 2015, Point now operates in cities across California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Virginia, Washington and in the District of Columbia.