Point, a FinTech and home equity platform that provided homeowners access to equity finance in exchange for a fractional share of the future value of their homes, has raised $115m in Series C 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.
Point said its aim is to make home wealth more valuable for everyone. With its flagship Home Equity Investment product (HEI), homeowners can unlock up to $500,000 with no monthly payments, no income requirements. In exchange for this access, homeowners share a piece of their future home price appreciation with investors.
The company said the funding will allow it to scale its home equity platform while extending its execution and distribution advantages. The capital will also allow it to further invest in new products beyond its flagship HEI product and expand beyond its current presence.
Eddie Lim, CEO and co-founder of Point, said, “We’ve built strong momentum at Point and we welcome this vote of confidence from premier equity investors in our continued success. 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.”
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