Point raises $46.5 million

Challenger bank PointCard has secured a $46.5 million Series B round led by existing investor Valar Ventures, with participation from Breyer Capital, YC Continuity and Human Capital. To date, the San Francisco-based startup raised around $60 million.

Founded in 2018, Point offers an account and debit card that costs $49 per year. Users get two free ATM withdrawals per month and they don’t pay any foreign transaction fees. The Point card offers points with every purchase including 5x points on subscriptions such as Spotify and Netflix, 3x points on food deliveries and ride sharing, and 1x points on everything else. In addition, users paying with their Point card get trip cancellation insurance, car rental insurance, global travel assistance, phone insurance and new purchase insurance.

Coverage is provided by New Hampshire Insurance Company, an AIG Company.