X1 Card Raised $25million in a Series B Funding Round
- Fundraising News
- 18.07.2022 06:00 pm
X1, a credit card for digital natives launched by former Twitter employees, has secured $25 million in Series B funding.
X1 Card underwrites consumers based on income rather than credit ratings, allowing it to set credit limits 5x greater than standard card providers. It's appealing to recent college graduates and those with stable incomes but low credit scores.
The card, which has no annual cost, has reached $50 million in monthly transaction volume in six months, Rao said. Rao said the product will emerge in the coming weeks with $25 million in new investment.
Wesley Chan's new venture firm, FPV, led X1's first-ever funding round. Craft Ventures, Spark Capital, Harrison Metal, and SV Angel were joined by Abstract Ventures, the Chainsmokers, and Global Founders Capital.
The X1 Card sets credit limits based on current and prospective income, not credit scores.
The startup's patented technology enables cardholders to cancel subscriptions with one click, stop free trials automatically with auto-expiring virtual credit cards, get quick refund notifications, attach receipts to purchases, and create one-time-use virtual cards.
In beta since October, the card's 500,000-person waitlist and the general public can apply in the following three weeks.
X1 Co-Founder Deepak Rao says:
"We set out to design the world's smartest credit card for a new generation of digital natives like ourselves. We've modernized the whole credit card experience, from limits to rewards to smart tech-driven features".