Point raises $122 million to extend equity financing to homeowners and buyers

CEO Eddie Lim, who cofounded the company in 2015 with Eoin Matthews and Andreessen Horowitz partner Alex Rampell, said that Point has raised …

Point, a Palo Alto startup that extends equity financing to homeowners and homebuyers, today announced that it has secured $122 million in new financing, $22 million of which was raised in a series B equity funding led by Prudential Financial and DAG Ventures, with contributions from new investors Financial Venture Studio and Enterprise Community Partners and existing investors Andreessen Horowitz, Ribbit Capital, and Bloomberg Beta. The remaining $100 million is in the form of a capital commitment from Kingsbridge Wealth Management (which also participated in the equity round), bringing Point’s total platform capital to over $265 million, following a $150 capital investment from Atalaya Capital Management in 2018.

CEO Eddie Lim, who cofounded the company in 2015 with Eoin Matthews and Andreessen Horowitz partner Alex Rampell, said that Point has raised $33 million in equity to date, and that origination volume has grown more than ten times year-over-year. Assuming all goes according to plan, he expects the company will fund “in excess” of 1,000 homeowners in 2019.

“We are witnessing the emergence of a whole new class of financial solution that is aligned with homeowners, and investors are taking notice,” Lim said. “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.”

In 13 states — California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Virginia, and Washington — and the District of Columbia, Point offers up to $250,000 over a 10-year term without interest rates or monthly payments for those who pass its five-minute online screener. (It applies a risk adjustment of up to 20 percent to offset declines in home value.) Point provides a provisional offer to preapproved applicants for between 5 percent and 10 percent of their home’s current value, and schedules an in-person licensed appraiser visit (for which it charges $500 to $700) before finalizing an offer. Then, it arranges a meeting with a notary, submits the necessary paperwork, and confirms the filings, at which point it releases the funds (minus escrow and processing fees).

Homeowners can buy Point out, refinance, or sell their home at any time — Point isn’t added to the title of the property. Furthermore, customers don’t need approval for renovations or home improvements outside of the house’s financing, and unlike a home equity loan or second mortgage, they aren’t on the hook for interest. A home worth for $1,338,200, for instance, would net a customer a $1,140,600 share and Point about $197,600, while a $750,000 home would be split $670,000/$80,000.

It’s not a new idea — banks have experimented with equity in home financing for the better part of three decades. But Lim says Point’s smaller scope and proprietary platform make it a lot more scalable than it has been, and an increasingly attractive alternative to unsecured loans, Federal Housing Administration loans, and other established options.

“This type of initiative is only possible because we’ve built a proprietary technology platform which enables us to rapidly prototype and market-test new products based on the needs of homeowners,” said Lim. “Point’s emphasis on providing homeowners with an exceptional experience means we have to continue to build superior technology. Building great products that integrate finance and technology is what we do best.”

Lim says the latest funding round will fuel Point’s expansion to over 30 states (70 percent of U.S. homeowners) by 2020. Also on the roadmap: 30-year product offerings, which will come to market later this year.

“We know that many Americans are overburdened by debt, and too many households face impossible tradeoffs when it comes to prioritizing long-term investments like saving for retirement, paying for a child’s education, and buying a home,” Prudential VP of impact investments Miljana Vujosevic said of today’s news. “Our investment in Point is one more way we’re committing to helping consumers meet their goals and achieve lasting financial security.”

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Point Raises $122 Million in New Funding

… led by Prudential Financial (NYSE:PRU) and DAG Ventures, with participation from existing investors including Andreessen Horowitz, Ribbit Capital, …

PALO ALTO, Calif., March 20, 2019 (GLOBE NEWSWIRE) — Point, the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt, announced today that it has secured $122 million in new funding. The company added $22 million in Series B equity funding led by Prudential Financial (NYSE:PRU) 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. More information is available at https://resources.point.com/point-announcement-march20-2019/ .

Point also announced a platform capital commitment of $100 million from Kingsbridge Wealth Management, which brings total platform capital to over $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 CEO of Point. “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.”

“Kingsbridge is excited to be a capital partner with Point in providing innovative non-debt financing solutions for homeowners,” said David Dunn, Chief Investment Officer of Kingsbridge. “Homeowners with substantial home equity now have access to liquidity, without the burdens that come with debt financing.”

Plans for Scaling and Growth

From its launch in mid-2015 to mid-2018, Point built up a portfolio of home equity investments that validated both the consumer need for this new product and the appetite that investors hold for this new asset class. This proof of concept culminated with a $150 million platform capital investment from Atalaya Capital Management, announced in April 2018. Since then the company has expanded its footprint and today serves customers in 13 states and the District of Columbia.

The company’s origination volume has grown more than 10x 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 over 30 states by the end of 2020, and reaching over 70 percent of U.S. homeowners. The company expects to fund in excess of 1,000 homeowners in 2019.

New Products Attracting More Homeowners and Investors

The company has recently begun to offer longer-term home equity investments to select homeowners, and investors and consumers have met this offering with enthusiasm. “This type of initiative is only possible because we’ve built a proprietary technology platform which enables us to rapidly prototype and market-test new products based on the needs of homeowners,” said Lim. “Point’s emphasis on providing homeowners with an exceptional experience means we have to continue to build superior technology. Building great products that integrate finance and technology is what we do best.” The company will expand access to its 30-year product offerings in 2019, and expects this to act as a further driver of growth.

Housing Affordability

Among Point’s newest investors are Prudential, Financial Venture Studio, and Enterprise Community Partners, who each share a focus on housing affordability and solutions that benefit homeowners. In working with these investors, Point expects to create innovative solutions for first-time homebuyers and those facing challenging real estate markets.

“We know that many Americans are overburdened by debt, and too many households face impossible tradeoffs when it comes to prioritizing long-term investments like saving for retirement, paying for a child’s education and buying a home,” said Miljana Vujosevic, Vice President of Impact Investments for Prudential. “Our investment in Point is one more way we’re committing to helping consumers meet their goals and achieve lasting financial security.”

“We back entrepreneurs who are bringing fresh solutions to stale markets, and Point is a great example of a company that’s doing this really well,” said Ryan Falvey, Managing Partner of Financial Venture Studio. “We are thrilled to be able to continue to support this team and their vision for a better home equity product.”

About Point

Point is the first financial technology platform that allows homeowners to unlock their home equity wealth without taking on new debt. To date, Point has raised $33M in equity and $265M in platform capital for home equity investments. Investors include: Andreessen Horowitz, Prudential Financial, Ribbit Capital, DAG Ventures, Greylock, Bloomberg Beta, Enterprise Community Partners, Financial Venture Studio, Laurence Tosi (former CFO of Airbnb and Blackstone), Brad Greiwe (Co-Founder & Managing Partner of Fifth Wall), Vikram Pandit (former CEO of Citigroup), and Matt Humphrey (CEO of LendingHome). Launched in 2015, Point now operates in cities across California, Colorado, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Virginia, Washington and in the District of Columbia. The company is headquartered in Palo Alto, CA. For more information, visit https://point.com.

Media Contact:Shannon AustinFinancial Venture Studio for Point703-338-8813

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Stellar Lumens (XLM) Raised After IBM’s Intent Letter

Find All Stellar Lumens Price Prediction 2020, Litecoin, Stellar Coin, XLM Tradingview, XLM Forecast, XLM Price, Kucoin, Cardano Ada News in …
stellar lumens

Stellar Lumens has something in common with Ripple. Like Ripple, Stellar Lumens is a cost-effective platform that allows for cross-border payment aimed at the unbanked. XLM is the latest digital currency Coinbase added to its platform. Before Coinbase provided support for it, the exchange placed Stellar Lumens under consideration for three months.

That good news also coincided with the announcement that IBM has succeeded in drawing six banks to World Wire. This announcement is referred to as a liquidity boosting development. The banks signed a letter of intent together with IBM. By doing that, they are committing to use the product. At the time of writing, three of them have been given green light by their respective regulators.

IBM recently made a strategic move in the blockchain industry. The move of the firm has proven to be bullish for Stellar Lumens (XLM). IBM is single-handedly bringing six banks on board. IBM and six banks just signed a letter of intent for the issuance of World Wire stable coin. The value of Stellar Lumens (XLM) has been responding positively to this news.

With this partnership, these banks will be able to issue a fiat-pegged stable coin through the World Wire of IBM. This would allow them to carry out cheap and fast settlements. The stable coin will also compliment Stronghold which is not available to the citizens of the US as a result of regulatory resistance.

However, Jesse Lund of IBM is determined. In a statement, he said: “As more stablecoins emerge in the crypto space, the entire notion of FX changes over time. We are doing our very best to expand the ecosystem of stablecoins which would include more fiat currencies and many more banks.”

Stellar Lumens (XLM) Price Analysis

Stellar (XLM) Price Today – XLM / USD

Name Price 24H (%)

bitcoin
Bitcoin(BTC)

$4,020.90

stellar
Stellar(XLM)

$0.112153

Over the past week, the price of Stellar Lumens has been on the increase, and it has surged by more than 11%. As a result of this magnificent move, there are now several short-term XLM price predictions for 2020 by many analysts. The value of XLM is even expected to continue surging higher in the next couple of days. If the price of XLM surges towards the $0.15 level, it could double to $30 in the short-term.

Among the top 10 digital currencies, Stellar Lumens (XLM) is the only digital currency in the green at the press time. It is also the top performer among the top twenty coins in the market by market cap. Over the last seven days, the value of XLM is up by 11 percent. As the remaining banks get regulatory approvals, the value of XLM is expected to continue rising.

The strong ties of IBM with banks is a very big bullish move for Stellar Lumens. At the moment, buyers are in charge, and it’s trading in a bullish breakout pattern. The digital currency looks set to test the 15 cents level. If this happens, XLM might double its gains in the short-term.

At the press time, XLM live price is $0.112 after an increase of about three percent over the past twenty-four hours. XLM currently has a market cap of $2.16 billion. The trading volume of the digital currency over the past twenty-four hours is $249.43 million.

Find All Stellar Lumens Price Prediction 2020, Litecoin, Stellar Coin, XLM Tradingview, XLM Forecast, XLM Price, Kucoin, Cardano Ada News in Smartereum.com.

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Cryptocurrency Prices Today, March 20: Cryptocurrencies Are Slightly Moving To The Red Zone

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate. According to the Coin360 online …

According to the Coin360 online platform, Bitcoin (BTC) has remained stable over the past 24 hours and added 0.11%. The price at the time of writing is $3980 per coin.

Cryptocurrencies are mostly decreased:

Bitcoin Cash dropped by 1.42%, Bitcoin SV has lost 0.33%, the value of coins is $155 and $65, respectively;

Ripple fell down by 0.9% and costs $0.31;

EOS minus 1.66% and its price is $3.66;

Litecoin decreased by 0.4% and its price is $59;

Cardano added 3.28% and its value is $0.051;

Stellar dropped by 2.9% and costs $0.11;

IOTA minus 0.5% and its cost is $0.29;

Dash increased by 0.75% and its price is $91;

Monero added 2.6% and costs $53;

Over the past 24 hours, Ethereum has lost 0.5%. The rate of the coin is $136.

The total market capitalization is $140 billion. Bitcoin accounts for 50.9% of the total. In monetary terms, this is $71 billion.

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Digitec Galaxus Becomes the First Swiss Online Retailer to Accept Cryptocurrencies

The shoppers of the largest Swiss online shop will now able to pay with Bitcoin as well as a number of altcoins such as Ethereum, Ripple or Litecoin.

The biggest online retailer in Switzerland, Digitec Galaxus, has recently announced that it will now accept cryptocurrencies as a medium of exchange, according to a press release published on March 19. According to ecommerceDB, an e-commerce data platform, Digitec Galaxus was first launched in 2010, it is the world’s 100th biggest online retailer, and in 2018 had net sales of over $811 million, which seem only to increase this year.

Digitec Galaxus, from now on, will start accepting cryptocurrencies as a method of payment. The shoppers of the largest Swiss online shop will now able to pay with Bitcoin as well as a number of altcoins such as Ethereum, Ripple or Litecoin. To be exact about the cryptocurrencies that will be accepted on Digitec Galaxus, the shop is now accepting Bitcoin (BTC), Binance Coin (BNB), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), OmiseGO (OMG), Tron (TRX), and NEO (NEO) for purchases worth over 200 Swiss Franc (about $200).

Oliver Herren, CIO, and co-founder of Digitec Galaxus said that “Cryptocurrencies are fascinating and likely to become a relevant means of payment in e-commerce – we want to support this development.” According to the press release, this online retailer has a very broad spectrum of products to offer (nearly 3 million!), which can now be purchased with various virtual currencies.

This new digital means of payment is a result of the joint venture of the Swiss e-payment specialist Datatrans AG and Danish crypto payment provider Coinify. Managing Director of Datatrans Hanspeter Maurer stated the following:

“So far, paying by cryptocurrencies hasn’t been viable for most people. We’re keen to find out how digitec and Galaxus customers take up this offer.”

Breaking down the payment process, the shoppers at Digitec Galaxus will be redirected to a Coinify page where they’re asked to select their desired means of payment from a list, and there they can decide to choose paying via cryptocurrencies. In the next step, the shoppers will receive a conversation rate which will remain steady for 15 minutes, as well as other payment details. For the final checkout, the customers can utilize the built-in crypto wallet functionality.

Talking about the fees, Digitec Galaxus doesn’t charge any transactional fee for transactions executed through cryptos. However, Coinify charges a fee of 1.5% of the purchase price via the conversion rate which may further be subjected to small transaction fees depending on the payment settlement time and the selected cryptocurrency with which the customers choose to pay. According to the press release, Coinfy settles the transactions within a few minutes.

“The technology is constantly improved,” states Datatrans boss Maurer, “faster and more cost-effective transactions are already in sight.”

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