Show HN: Point (YC W19) Banking made rewarding
point.app
point.app
Hey HN, we're Patrick, Kenan, and Sid, co-founders of Point. We're building the banking app we wish existed one that's simple, transparent, and rewarding.
Although it sounds cliché, Point was started out of frustration with existing solutions. We realized most of us end up with our banks because our parents setup an account before college and then we kind of just deal with that for the rest of our lives. Personal finance is at the core of our lives, so it should be something that we embrace not dread. Sid, was formerly a interface designer at Apple so he knows a thing or two about creating beautiful products and with Point we are bringing that same attention to detail and simplicity to consumer finance starting with the basics: checking and debit.
Our main differences from some other players in the space:
1. Brand. We're aiming to bring an American Express type product, that's more transparent, personalized, and a debit card to the next generation of ambitious folks.
2. Design. This is subjective but we think that most financial products are extremely difficult to use, un-focused, and confusing.
3. Transparency. What you see is what you get, we’re not charging overdraft or foreign transaction fees.
Is this too good to be true? Nope it really isn't. Like most other neo-banks we monetize primarily from interchange revenue (merchant fees every time card is used) and are adding a subscription offering that will offer a more premium product experience. People are willing to pay for a service if they find value, and we think this is a lot more viable economically and customer aligned. We're also working with merchants to establish relationships and fund our rewards offerings. We even hired someone from Amex to help us with that.
We're really thrilled to get your feedback and answer any questions!
My email is patrick at point dot app. If you're interested in trying POINT out check out our website (point.app) and use invite code HN2019 to get a 500 point signup bonus.
- rewards aren't as high as AMEX
- APY isn't as high as some savings accounts
Who's the target customer here?