X1 Credit Card Prepares for Public Launch, Raises $25 Million
X1 credit card

X1 Credit Card Prepares for Public Launch, Raises $25 Million

Nearly two years ago, a new “smart credit card” called X1 was teased to consumers. Now, the card’s wide launch to the general public is nearly upon us. Ahead of that, the company behind the product has also announced an impressive investment round.

This week, X1 Card revealed that it had raised $25 million. The Series B was led by FPV Ventures, while other participants included Craft Ventures, Spark Capital, Harrison Metal, and SV Angel and others — including the EDM/pop duo The Chainsmokers. In total, X1 has now raised $45 million.

The X1 card began rolling out to a number of customers on its waitlist last fall. Despite its limited reach so far, the company says it’s still on track to hit $1 billion in spending this year. Furthermore, it estimates that purchases made using the X1 currently occur every five seconds.

As for what the X1 credit card offers, one of its selling points is a higher credit limit — up to five times higher according to the card’s landing page. This perk can then help customers keep their utilization low and, in turn, raise their credit scores. Also notable is the card’s metal design, which weighs a reported 17 grams. Plus, the card carries no annual fee.

In terms of rewards, the X1 earns 2 points per dollar spent on purchases by default. However, those who spend at least $15,000 on the card per year will earn 3x points instead. Plus, when users successfully refer new customers, they’ll earn 30 days of 4x rewards on purchases. Interestingly, while X1 previously noted some of the brands customers could redeem points at, their latest press release states that points can also be used for cashback.

Speaking to the idea behind X1, the company’s co-founder Deepak Rao said in a statement, “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 modernized 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’ Wesley Chan, a brilliant product-driven founder and early investor in consumer fintech disruptors like Robinhood.”

Ever since the X1 card was announced, it’s been highly anticipated. Thus, it’s exciting that the card will soon finally be available to the general public. Additionally, it’s good to know that the card will offer cashback in addition to the brand offers — something that was always a big question surrounding the offering. So, while there are a growing number of other 2% flat rate options, the X1 Card could be a good pick for those who want to try something a bit different and have the potential to earn even greater multipliers when they complete certain tasks.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...