Smart credit card provider X1 raises $12 mn in funding led by Spark Capital

By Pavithra R

X1 Card, a smart credit card provider, has announced securing $12 mn in investment led by Spark Capital with participation from Jared Leto, Affirm CEO, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.

The FinTech has also announced the joining of Ash Gupta, former President and Chief Risk Officer (CRO) at American Express, as an advisor. Ash retired from American Express in 2018 after four decades of continuous service where he was the CRO. As the President of Global Risk and Information management teams, he was instrumental in navigating Amex successfully through the great recession.

X1 Card’s has witnessed a viral growth since opening up its waitlist in September. The waitlist is already nearing 300,000 signups and is touted to be on its way to becoming the largest waitlist for a FinTech product. X1 Card, built with 17g of stainless steel and laser etching technology, reimagines the credit card from the ground up. It harnesses the power of technology to offer smart credit limits, an unparalleled rewards program, and automated features that will transform the way users shop and spend. It features:

• Credit limits up to 5X higher than traditional cards.
• Uses proprietary smart technology that lets cardholders cancel subscription payments in one click, attach receipts to purchases, end free trials automatically with auto-expiring virtual credit cards, get instant notifications on refunds, and create virtual cards for one-time use. Cardholders will also be able to shop anonymously without disclosing their personal information.
• Unparalleled rewards program with no annual fee.
• X1 Card is partnered with Visa Signature, allowing cardholders to use it at more than 46 million merchants around the world.

“The reaction to X1’s unveiling and waitlist was outstanding, and we cannot wait to bring this card to market and to the hundreds of thousands who have signed up for it. We’re honoured to partner with Spark Capital and this phenomenal group of investors as we continue to build X1 and modernize the credit card industry,” said X1 co-founder and CEO, Deepak Rao.

X1 is cofounded by Twitter alums Deepak Rao and Siddharth Batra and backed by Spark Capital, Craft Ventures, Harrison Metal, Jared Leto, Affirm CEO, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.