
Show HN: Point (YC W19) Banking made rewarding - patrickmro
https://www.point.app/
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patrickmro
TLDR; Point is a consumer mobile banking app focused on transparency, design,
and technology. You can signup at www.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.

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akrymski
Congrats on launch! This is really beautiful, but:

\- rewards aren't as high as AMEX

\- APY isn't as high as some savings accounts

Who's the target customer here?

