Connect with us

Travel

POINT.ME: Points And Travel Reward Search Company Secures $15 Million (Series B)

Published

2 months ago

on

POINT.ME: Points And Travel Reward Search Company Secures Million (Series B)

Points and travel reward search platform point.me announced it has successfully closed a $15 million Series B fund raising. This funding round follows a strong year of growth propelled by enterprise partnerships with American Express and Bilt Rewards.

This round was led by Nyca Partners and Citi Ventures, each with extensive records of investing in unicorn startups such as Acorns, Hopper, Plaid, and Ramp, along with participation from Brian Kelly (founder of The Points Guy), Samsung Next, RiverPark Ventures, Four Cities Capital, MoreThan Capital, as well as Meta executives (Kay2Ventures and Morgan Rose) and the co-founder of ITA Software (Google Flights). Thayer Ventures and PAR Capital Ventures, who led earlier fundraising rounds, have also joined the Series B round, in a strong show of confidence.

This news follows point.me’s ground-breaking partnership with American Express, which was announced earlier this year. And the industry-first partnership allows US Amex cardmembers to search flights using Membership Rewards Points via a white-labeled point.me offering. The company also released a much-heralded independent ranking and review of the world’s leading global airline reward programs last week. point.me was previously awarded a Skift JetBlue Ventures Visionary 2030 Idea Award in 2022 and was named one of 25 Hot Travel Startups by PhocusWright in 2023.

The Series B funding round will drive point.me’s enterprise growth and expansion of services, cementing its position as the leading technology company related to points, miles, and travel rewards. A testament to the company’s meteoric growth, point.me surpassed 18 million user searches while growing registered users by 1021%, alongside monthly recurring revenue growth of 378% from its Series A fundraise. The company raised $10M in a Series A financing in 2022 after successfully closing a $2M seed financing round in 2021.

KEY QUOTES:

“I am grateful for the support for our vision from our new and existing investors. Their vote of confidence demonstrates both consumer and market interest in cutting-edge technology at the intersection of personal finance and meaningful travel rewards. We are delighted to be entrusted by leading banks and credit card companies as a unique opportunity for them to enhance their travel rewards.”

-Adam Morvitz, Founder & CEO of point.me

“We have had an investing thesis around rewards for some time and were thrilled to find the right team, product and traction in point.me. The founding team’s deep knowledge of the rewards and travel space is complemented nicely by a top-notch technical team that delivers an elegant solution to what was previously a painfully manual process to categorically search award inventory across airlines carriers. Now, all travel enthusiasts can more easily answer these questions: firstly, should I use points or cash? And secondly, which points are the most optimal?”

-Stephanie Khoo, Partner at Nyca Partners

“As active investors in Travel & Entertainment, a key vertical for card spend, we at Citi Ventures immediately got point.me’s problem statement and were drawn to Adam’s strong founder-product fit, contagious energy, and vision of building the world’s first travel rewards marketplace in close collaboration with the industry. We are excited to co-lead point.me’s series B raise and be part of their journey.”

-Luis Valdich, Head of FinTech Investing, Citi Ventures

“I have dedicated my career to helping consumers get the most value from their rewards. I’m honored to invest in point.me and look forward to this next phase of growth of the company and the billions of dollars of value it will put back into consumer’s wallets and allow people to travel the world in ways they never thought possible.”

-Brian Kelly, Founder, The Points Guy

Related Topics:
Continue Reading