Our first product – a debit card with points. We cultivated a loyal and passionate community, built a product people love, and created one of few beloved and elevated fintech brands. While it’s an emotional and difficult moment for our cardmembers and team – we’re very grateful we had this opportunity and remain very optimistic and excited about what’s ahead for Point. To commemorate this experience, I am recapping the journey and sharing a sneak peak into our exciting future plans.
The evolution of card designs
We started Point because despite the cornucopia of cards – there is no card that serves as the default “no brainer” option – unlike with cell phones where if you want a high-quality product you get an iPhone and are very happy about it. If you want a fancy credit card you are presented with dated offerings from legacy incumbents that are designed for a mid 50’s dentist in Greenwich (not my current profile) – alternatively if you seek a modern offering from a fintech company you are inundated with undifferentiated products that center their value props around early wage access and no fees (not very relevant). We exist to fill this void and will continue to double down on this market (more below).
<aside> 💰 ~ 500,000,000 in rewards points earned by cardmembers
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<aside> 💳 $1100+ avg. mo spend per card (much higher for core customers)
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<aside> 💥 Nearly 40% of cardmembers used their cards daily
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<aside> 📈 235k+ signups
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If you know fintech, you can appreciate the level of engagement and uniquely high quality customer profile. We’re very proud of this, especially considering we only spent less than a year in growth mode.
S/o to Liz for buying a car on her PointCard!
On building the spending platform for the next generation of high-spenders and working with reliable and proven industry leaders to make it happen. As we transition into the next chapter of Point, we are focusing on our charge card platform with the goal of creating a beautiful product with a compelling and unique value proposition built with reliable partners on rock-solid infrastructure. We’ve taken time to assemble a methodical strategy over the past few months as we’ve processed changes to position our business to endure for the long term. In the coming months, I am really excited to share a more comprehensive update and insight into what we’re working on. For now, join the waitlist to follow the journey.