In a significant shift within the fintech sector, startup Mesa has officially closed its Homeowners Card program. This announcement came via a notice on the company’s website, indicating that as of December 12, all account functionalities have ceased. Cardholders can no longer make purchases, and their Mesa Homeowners Card accounts have been deactivated.
The FAQ section on the Mesa site clarifies that this move represents “a business decision to close the Mesa Homeowners Card Program entirely.” Questions about the company’s future plans are still unanswered, as TechCrunch has reached out for further information.
Mesa, which launched in November 2024, entered the market with $9.2 million in funding—comprising $7.2 million in equity and $2 million in debt. The startup initially offered two main products: mortgage loans featuring 1% cash back and the Homeowners Card, which rewarded users with various perks, including travel benefits and cash back, specifically tailored to offset mortgage payments.
CEO Kelley Halpin previously explained that the company aimed to adapt the appealing features of traditional travel and dining cards to better serve homeowners and parents. The distinctive point-earning structure focused on essential home-related expenses rather than typical categories like travel or dining. Users could accumulate points by spending on areas such as groceries, gas, homeowners association (HOA) fees, and utilities, in addition to their mortgage payments.
As the market evolves, competitors are also rethinking their strategies. Bilt, for example, has announced plans to expand its rewards card offerings to include points for mortgage payments when it unveils a new version of its card next year.
In light of Mesa’s shutdown, customers have expressed frustration, particularly as travel deals websites noted an uptick in complaints related to declined transactions leading up to the closure. Initially, Mesa attributed these issues to a temporary outage, but the situation has since clarified itself with the announcement of the program’s termination. Currently, the sole avenue for redeeming Mesa points is through statement credits, offered at a rate of 0.6%.
As the fintech landscape continues to change, the closure of Mesa’s Homeowners Card may prompt existing competitors and emerging startups to re-evaluate their own offerings in response to shifting consumer needs.
