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Point raises $122M to offer equity financing to homeowners, buyers

Palo Alto, Calif.-based home equity financing provider Point Digital Finance Inc. received $122 million in new financing, $22 million of which was raised in a series B equity funding led by Prudential Financial Inc. and DAG Ventures LLC.

New investors Venture Studio Inc. and Enterprise Community Partners Inc., and existing investors Andreessen Horowitz LLC, Ribbit Capital and Bloomberg Beta LP also participated in the equity funding.

The remaining $100 million was committed by Kingsbridge Wealth Management Inc., which also participated in the equity round.

The total new financing takes Point's aggregate platform capital to over $265 million, including a $150 million capital investment from Atalaya Capital Management LP in 2018.

The company will use the financing to expand in over 30 states by the end of 2020 and reach more than 70% of U.S. homeowners. It expects to fund in excess of 1,000 homeowners in 2019.