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Atlas Raises $40 Million at $420 Million Valuation After Rebranding From Debit Card Startup Point
Four years after nearly collapsing when its bank partner Column ended their relationship, Patrick Mrozowski's rebranded fintech Atlas has secured a $40 million Series C led by Elad Gil and Verified Capital. The invite-only $999-a-year steel charge card now serves 2,000 customers including Lucy Guo and former Google CEO Eric Schmidt.
May 10, 8:00 AM·3m read1 source
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Atlas closed a new $40 million Series C fundraise at a $420 million valuation, Solo venture capitalist Elad Gil and Verified Capital led the round, and Marathon and Dick Costolo’s 01 Advisors contributed. The company now reports a gross revenue run-rate of more than $20 million. Four years earlier the picture looked markedly different.
In April 2022 Patrick Mrozowski’s San Francisco debit-card startup Point was preparing to overhaul its product when Column, an FDIC-insured bank owned by billionaire William Hockey, ended its banking partnership. A Column spokesperson said the partnership ended due to compliance and legal issues observed at Point.
Patrick Mrozowski denied that compliance and legal issues caused Column to end its partnership with Point.
He said there was heightened regulatory scrutiny of all bank-fintech partnerships at the time. Point shut down every active consumer account it had created with Column after the partnership ended. Mrozowski had lost a bank partner for the second time in a year in 2022.
In February 2023 Point made Forbes’ list of 25 struggling, zombie fintechs. A Point data scientist found that 90% of its card transactions came from 15% of its customers. Between late 2021 and late 2023 Patrick Mrozowski laid off more than one-third of his staff and Point was renamed Atlas.
He landed a bank partnership with Jackie Reses’ Kansas City-based Lead Bank and moved to New York. In August 2023 Atlas fully relaunched as a high-end charge card costing $999 a year. The Atlas card is made of steel, weighs 21 grams, and is four times heavier than a typical plastic card.
