This startup wants a stake in your home; poor credit is not a problem
Point Digital Finance targets customers who cannot trade accumulated wealth for cash
Washington
HEATHER Perlberg Nicole Bennett wanted to pull cash out of her house in Antioch, California, to reduce a growing mound of debt. When Ms Bennett's mortgage lender, Wells Fargo & Co, refused the social worker because her credit score was too low, she turned to a technology startup called Point Digital Finance.
In October, Ms Bennett got the almost US$40,000 that she needed to pay down debt that was costing her more than US$1,900 a month in car, personal loan and credit card payments. In return, Palo Alto, California-based Point - which is backed by investors including Greylock Partners, Andreessen Horowitz and Vikram Pandit, the former chief executive officer of Citigroup - wanted to own a piece of her property.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say