back Back

Robinhood to acquire San Francisco-based X1

By Delisha Fernandes

June 23, 2023

  • Acquisition
  • Credit Card
  • financial advisor
Share

RobinhoodRobinhood Markets has signed agreement to acquire San Francisco-based X1, a platform that offers a no-fee credit card with rewards on each purchase.

Providing people with access to a no-fee credit card aligns with the company’s mission to democratise finance for all. The X1 stainless steel credit card has no annual, late, or foreign transaction fees. Further, design innovation is a part of the company’s DNA, and X1 brings the sleek and intuitive mobile app experience our customers have expected.

“This acquisition will bring us closer towards our goal of serving the entirety of our customers’ critical financial needs. Together with X1, Robinhood will now be able to offer our customers access to credit,” said Vlad Tenev, CEO and co-founder of Robinhood.

“When founding X1, we set out to create a different kind of credit card with an unparalleled experience for customers, like Robinhood’s mission to make our financial markets more accessible to all. We share the same ethos, and joining together with Robinhood, we’ll be able to offer an enhanced credit card experience,” said Deepak Rao, CEO and co-founder of X1.

We are also bringing the X1 team onboard to Robinhood. X1’s co-founders, Deepak Rao and Siddharth Batra, will oversee this new business, with Rao serving as GM of Credit Cards. He will report to the company’s CEO and Co-Founder Vlad Tenev.

Robinhood expects the final merger consideration to be approximately $95 million in cash, subject to customary closing adjustments and conditions. The acquisition is expected to close in Q3 2023. J.P. Morgan Securities, LLC served as exclusive financial advisor to the company.

Previous Article

June 23, 2023

Agel, Egypt’s first Islamic FinTech raises seven-figure pre-seed round

Read More
Next Article

June 23, 2023

6 FinTech tweets you should see!

Read More






IBSi Daily News Analysis

June 21, 2024

Acquisition

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

Revolut partners GTN to bring bond trading to EEA customers

Read More

June 10, 2024

5 WealthTech platforms simplifying credit score tracking in India

Read More

June 07, 2024

MORS expands in UK & Netherlands with 2 new neobank clients

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023