POINT SECURES $115 MILLION IN SERIES C FUNDING TO SCALE HOME EQUITY PLATFORM AND EXPAND FOOTPRINT
Additional capital allows Point to invest in new products and its technology, empowering Americans to achieve their financial goals
PALO ALTO, Calif., May 3, 2022 /PRNewswire/ -- Point, a 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, has secured $115 million in additional funding to accelerate company growth. Point's Series C fundraise 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.
Point has experienced rapid growth, with Q1 2022 funding volume up more than 5x YoY. Last year, Point completed the first ever securitization backed entirely by residential Home Equity Investment (HEI) agreements and also announced over $1B in new capital commitments from leading real estate and mortgage-backed securities (MBS) investors.
"We've built strong momentum at Point and we welcome this vote of confidence from premier equity investors in our continued success," said Eddie Lim, CEO and Co-Founder of Point. "We expect this additional capital to accelerate our growth as we help cash-constrained homeowners and home buyers build financial stability and achieve their financial dreams."
The $115 million funding allows Point to scale its home equity platform while extending its execution and distribution advantages. The company plans to use the additional capital to:
- Further invest in new products beyond its flagship HEI product
- Drive exceptional customer experience and efficiency by continuing to enhance its industry-leading technology platform
- Rapidly 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
"Most Americans have the majority of their wealth tied up in their home, limiting their ability to cover unforeseen expenses or diversify wealth," said Laurence Tosi, Founder and Managing Partner at WestCap. "Point has created an industry-first solution that empowers homeowners to utilize their home equity to eliminate debt, overcome periods of financial hardship and unlock new opportunities for wealth without taking the risk of traditional term loans."
While the home has long been a key part of building wealth in America, Point's home equity platform elevates the role of the home in people's finances. With Point, customers gain the freedom to dream – in the form of a new property or an investment – or the freedom to breathe – in the form of debt relief or a retirement cushion.
Point's suite of home equity products empowers both homeowners and home buyers to achieve their financial goals while also allowing institutional investors to share in the growth of the $25 trillion residential home equity market. Using the flagship HEI product, homeowners can unlock up to $500k with no monthly payments, no income requirements, and no need for perfect credit. In exchange for this access, homeowners share a piece of their future home price appreciation with investors. Alignment is the core of Point's business model — Point and their institutional investor partners do well when the homeowner does well.
"The strength and depth of the team that Eddie Lim has brought together at Point and its innovative approach to providing financing to homeowners has been apparent. It's clear that Point is building a home equity platform that will make homeownership more valuable for all existing and prospective homeowners," said Alex Rampell, General Partner at Andreessen Horowitz. "After leading both their Seed round and Series A round, and investing in their Series B, we're excited to continue to invest in Point and help Eddie and the team build an industry-defining business."
For more information, please visit www.point.com.
About WestCap
WestCap is a strategic investor and operator in growth equity that partners with visionary leaders to build generational companies. WestCap's team is comprised of seasoned entrepreneurs and company builders who work side-by-side with founders to help companies scale. With $8 billion of assets under management and committed capital, WestCap has made notable investments like Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, GoodLeap, Cerebral, Bolt, Celsius, and NYDIG. The firm has offices in New York, San Francisco and London. For more information, visit www.WestCap.com.
About Point
Point is a home equity platform that makes home wealth more valuable for everyone. With a Home Equity Investment (HEI) from Point, homeowners can unlock their home equity, enabling them to eliminate debt, get through periods of financial hardship, and diversify their wealth. For investors, Point provides access to a previously untapped asset class in the residential real estate space. Founded in 2015 by Eddie Lim, Eoin Matthews and Alex Rampell, Point is backed by top investors including Westcap, Andreessen Horowitz, Ribbit Capital, Greylock Partners, Bloomberg Beta, Redwood Trust, Atalaya Capital Management, Kingsbridge Wealth Management, Deer Park Road Management, The Palisades Group, Alpaca VC, and Prudential. To date, Point has raised over $170 million in equity capital. The company is headquartered in Palo Alto, CA. For more information, please visit www.point.com.
Media Contact:
Tracy Rubin
JCUTLER media group
[email protected]
SOURCE Point
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