US-based fintech and home equity lending platform Point has raised $115m in its Series C funding round led by WestCap.

The round was joined by new investors such as Deer Park Road Management, The Palisades Group, and Alpaca VC.

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Point’s existing investors Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management, and DAG Ventures also joined the round. 

The fintech will use the proceeds to scale its home equity platform, expand its product portfolio and enhance the technology platform.

Point will also use the funds to grow its network of investors, partners and customers. 

Furthermore, Point aims to expand its presence to new geographies over the next year. 

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Point CEO and co-founder Eddie Lim said: “We have built strong momentum at Point and we welcome this vote of confidence from premier equity investors in our continued success.

“We expect this additional capital to accelerate our growth as we help cash-constrained homeowners and homebuyers build financial stability and achieve their financial dreams.”

Point’s flagship offering allows homeowners to unlock up to $500,000 as credit in exchange for a fractional share of the future value of their homes. 

WestCap founder and managing partner Laurence Tosi said: “Most Americans have the majority of their wealth tied up in their home, limiting their ability to cover unforeseen expenses or diversify wealth.

“Point has created an industry-first solution that empowers homeowners to utilize their home equity to eliminate debt, overcome periods of financial hardship and unlock new opportunities for wealth without taking the risk of traditional term loans.”