Palo Alto-based Point has raised a Series A funding round of $8.4M with Andreeswen Horowitz and Alex Rampell as lead, with a total of seven investors. We think this is a REALLY interesting new fintech, and we think it could be a gamechanger for property owners.
According to their site, they buy into your home loan, which makes it different than a reverse mortgage, and in fact they position themselves as being an alternative to a Home Equity Line of Credit (HELOC). From their website……..
“Have you ever wanted something better than a loan? That’s Point. We don’t lend money. We buy into your property as a partner…….We pay you today for a share of your home’s future appreciation. There are no monthly payments; there is no interest rate; you can buy Point out or sell the home at any time; we can lose money if the home depreciates. We do well when you do well. Now, that’s quite revolutionary.”
$8.4M Series A