X1 Card raises $25m ahead of public opening

By Edlyn Cardoza

X1 Card, the smartest credit card ever made, recently announced $25 million in Series B funding and will be opening applications to the general public in the U.S. in the coming weeks. The funding is led by FPV Ventures, the new venture firm from Wesley Chan, who founded Google Analytics and wrote the first checks into 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 more than $45 million, and the new funding will be used to invest in product innovation and scale as it opens to general availability.

The funding follows X1’s unmatched momentum in the $2.4 trillion consumer credit card industry. Since rolling out to a limited waitlist-only beta in October, X1 has become the fastest-growing challenger credit card of all time. It is on track to see $1 billion in annualised spending this year, with a transaction happening 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 open to its 500,000-person waitlist and the public.

“X1 is an iconic brand that will become the most in-demand credit card of all time,” said Wesley Chan, co-founder of FPV Ventures. “Deepak’s team has reimagined the credit card from the ground up, reinventing every detail through the lens of eye-catching design, forward-thinking tech and a world-class user experience. We’re thrilled to be investing in X1 and can’t wait for them to build an amazing base of happy and engaged users.”

X1 Card harnesses the power of technology to offer smart credit limits, an unparalleled rewards program, and automated features that will transform how people shop and spend. The no-annual-fee card is partnered with Visa Signature, allowing cardholders to use it at more than 46 million merchants, and incurs no foreign transaction fees.

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