US-based debit card startup has closed a $46.5mn Series B funding round led by Peter Thiel's Valar Ventures.
Point Card aims to give millennials a rewards-based alternative to credit cards.
It provides cardholders unlimited cash-back by earning points on every purchase, alongside extensive travel protections and purchase insurance benefits.
What does this mean?
Point believes Gen Z and Millennials have been massively underserved by legacy banking institutions with clunky debit cards with no rewards, or credit cards that trap them into debt. Its reward points include monthly subscriptions like Netflix and Spotify, and rideshare and food delivery services such as Uber and DoorDash. The company claims to provide the average cardholder with $1,230 in value annually.