US Premium Debit Card Firm Point Closes $46.5M Series B Funding Round

The US Challenger bank Point announced recently that it has closed a Series B funding round with $46.5 million, which was led by the existing investor Valar Ventures.

Other participants included Breyer Capital, YC Continuity and Human Capital. And last year, Point has obtained $10.5 million in an Series A round. Up to now, the firm has raised $60 million in total.

With the latest capital, the company plans to strengthen its work force, and enhance product offerings.

Point provides an account with a debit card, and positions itself as a premium debit card company and tries to offer credit card rewards with debit cards. With a Point card, users can get two free ATM withdrawals per month and they don’t have to pay any foreign transaction fees. Besides, they are able to control the card from the Point app.