Point, a Palo Alto, Calif.-based fintech company and home equity platform that provides homeowners access to equity financing in exchange for a fractional share of the future value of their homes, secured $115m in funding.
The round was led by WestCap, with participation from other existing investors Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management, and DAG Ventures. New investors include Deer Park Road Management, The Palisades Group, and Alpaca VC.
The company intends to use the funds to:
- Further invest in new products beyond its flagship HEI product
- Drive customer experience and efficiency by continuing to enhance its technology platform
- Grow its ecosystem of customers, partners, and investors
- Expand beyond its current presence in 16 states and the District of Columbia to 28 total geographies over the next year
Founded in 2015 by Eddie Lim, Eoin Matthews and Alex Rampell, Point is a home equity platform that makes home wealth more valuable for everyone. With a Home Equity Investment (HEI) from Point, homeowners can eliminate debt, get through periods of financial hardship, and diversify their wealth.
Point has experienced rapid growth, with Q1 2022 funding volume up more than 5x YoY. Last year, the company completed the first ever securitization backed entirely by residential Home Equity Investment (HEI) agreements and also announced over $1B in new capital commitments from real estate and mortgage-backed securities (MBS) investors.
FinSMEs
03/05/2022