back Back

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

By Pavithra R

January 15, 2021

  • PayPal
  • USA
Share

Deepak Rao, Co-Founder at X1 Card

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.

Previous Article

January 15, 2021

TD Bank to acquire Wells Fargo’s Canadian Direct Equipment Finance business

Read More
Next Article

January 15, 2021

Heritage Bank teams with Experian to improve loans process for borrowers

Read More






IBSi Daily News Analysis

Merchants, payments, UAE

July 15, 2024

PayPal

Global wealth growth rebounds with major shifts expected by 2030, research reveals

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

Today

Daiwa Capital Markets Europe selects Delta Capita for CLM service

Read More

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

SaaScada & Partes sign embedded finance partnership in Switzerland

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 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 2024