The X1 Card, the Fastest Growing Challenger Credit Card Ever, Raises $25 Million Before It Opens to the Public


While in a waitlist-only beta, the smart card became the fastest growing challenger credit card in terms of purchase volume, reaching $50 million in monthly volume. in just six months and projecting to reach $1 billion in annualized spending in 2022.

The Series B funding is led by Google Analytics co-founder Wesley Chan’s new fund, FPV Ventures, and is the fund’s first investment.

SAN FRANCISCO–(BUSINESS WIRE)–X1 Card, the smartest credit card ever, today announces $25 million in Series B funding and will open applications to the general public in the United States in the weeks to come. The funding is being led by FPV Ventures, the new venture capital firm of Wesley Chan, which founded Google Analytics and wrote the first checks for Robinhood and Plaid. Participating investors include existing investors Craft Ventures, Spark Capital, Harrison Metal and SV Angel and new investors Abstract Ventures, the Chainsmokers and Global Founders Capital. This brings X1 Card’s total funding to over $45 million, and the new funding will be used to invest in product innovation and scale as they open to general availability.

The funding follows X1’s unprecedented momentum in the $2.4 trillion consumer credit card industry. Since launching a waitlist-only beta in October, X1 has become the fastest growing challenger credit card ever and is on track to see $1 billion in spend. annualized this year with a transaction made every 5 seconds. The card has been used in over 100 countries and has members in all 50 states. In the coming weeks, applications for the card will be open to its waiting list of 500,000 people and to the general public.

“X1 is an iconic brand that will become the most requested credit card of all time,” said Wesley Chan, co-founder of FPV Ventures. “Deepak’s team reinvented the credit card from the ground up, reimagining every detail through the lens of eye-catching design, cutting-edge technology and world-class user experience. We’re thrilled to invest in X1 and we look forward to them building an incredible base of satisfied and engaged users.

Crafted with 17 grams of sleek stainless steel, the X1 Card harnesses the power of technology to deliver smart credit limits, an unparalleled rewards program, and automated features that will transform the way people shop and spend. The card with no annual fee is associated with Visa Signature, which allows cardholders to use it at more than 46 million merchants and incurs no foreign transaction fees. Features include:

  • An app experience members love: The app immediately notifies members of every purchase, awards points the second the card is used, allows cardholders to find any transaction with a quick and easy search, and dispute purchases in seconds, and not in a few hours. 90% of cardholders use the X1 Card app on a monthly basis.
  • Virtual cards powering unmatched smart features: X1 cardholders can create virtual cards allowing them to easily cancel subscription payments, automatically end free trials, authorize cards for one-time use, get a new card directly in the application in case of loss of their physical card and to make anonymous purchases. About 10% of X1 spend today is powered by virtual cards.
  • Unparalleled rewards with no annual fee: The X1 card gives points for every purchase. The reward structure coupled with no annual fee is unmatched in the industry with 2x points on every $1 spent, 3x points on every $1 spent for the year if $15,000+ is spent on the card this year there, and 4x points on every $1 spent for a month for each referral. Members can easily redeem points or get cash back right in the app with just one click, and $3 million in points were redeemed at select merchants or as cash back.
  • Upper limits: By looking at current and future income instead of credit score, the X1 card can responsibly set smart credit limits up to 5 times higher than traditional credit cards.
  • Top-notch insurance and benefits for a no-fee card: Since the launch of the beta, X1 has added a host of new benefits, including mobile phone protection, trip interruption or cancellation reimbursement, shopping security, damage waiver Collision Damage Waiver for Car Rental, Extended Warranty Protection, Return Protection, Zero Liability Protection, Visa Signature Concierge Service, Travel and Emergency Assistance, and Curbside Shipping .
  • A new family plan: Members can now add family members as cardholders and earn points together. Each cardholder gets their own metal card, and members can track family spending with instant notifications and purchase insights and add purchase limits to prevent overspending. Additional cardholders can be of any age, making it a great way to build up credit for kids.

“The credit card industry has been waiting for disruption for a long time, so we set out to create the world’s smartest credit card for a new generation of digital natives like us,” said Deepak Rao, co-founder of X1. . “We’ve modernized the entire credit card experience, from limits to rewards to smart technology-driven features, and created a product that consumers truly love. We are incredibly honored by the warm reception our card has received so far and thrilled to partner with Wesley Chan of FPV Ventures, a brilliant product-focused founder and early investor in consumer fintech disruptors like Robinhood. .

To order an X1 card now, visit https://x1.co/.

About the X1 card

X1 Card is the smartest credit card ever. Constructed with 17g of stainless steel and laser engraving technology, X1 Card reinvents the credit card from the ground up. It harnesses the power of technology to deliver smart credit limits, an unparalleled rewards program, and automated features that will transform the way you shop and spend. The X1 card is associated with Visa Signature, which allows cardholders to use it at more than 46 million merchants around the world. The company is co-founded by Twitter alumni Deepak Rao and Siddharth Batra and backed by FPV Ventures, Spark Capital, Affirm and PayPal co-founder Max Levchin, PayPal founding COO David Sacks, Harrison Metal founder Michael Dearing, former Twitter COO Adam Bain, former chairman of American Express, co-creator of Libra and former chief product officer of Instagram, CEOs of Box, Yelp and Y Combinator Continuity, Jared Leto and many more . To learn more, visit https://x1.co/.

contacts

[email protected]

Previous Manalapan Gas Station Holds Grand Opening at $4.39 a Gallon
Next Hyundai Motor and South Korean union agree 9% pay rise