Point has announced that it has secured $122 million in new funding, adding $22 million in Series B equity funding, led by Prudential Financial and DAG Ventures, with participation from existing investors, including Andreessen Horowitz, Ribbit Capital and Bloomberg Beta. New investors include Financial Venture Studio and Enterprise Community Partners.
Point also announced a platform capital commitment of $100 million from Kingsbridge Wealth Management. which brings total platform capital to more than $265 million. Kingsbridge also participated in the equity round.
“Point is seeing significant demand for its home equity investment (HEI) solution. We are witnessing the emergence of a whole new class of financial solution that is aligned with homeowners, and investors are taking notice,” said Eddie Lim, Co-Founder and Chief Executive Officer of Point. “The year 2019 is proving to be a year of exponential growth for the company, and we expect that growth to continue as home equity investments open up critical liquidity for a lot more homeowners.”
Point’s origination volume has grown more than 10 times compared with the same period 12 months prior, as homeowners look to Point for alternatives to traditional home equity loans, HELOCs, and cash-out refinances. This newest round of investment will support a considerable expansion for Point, making its products available in more than 30 states by the end of 2020, and reaching more than 70 percent of U.S. homeowners. The company expects to fund in excess of 1,000 homeowners in 2019.