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X1, the smartest credit card ever made, raises $12 million
Friday, January 22, 2021
Ash Gupta, former president and Chief Risk Officer at American Express joins X1 as an advisor
SAN FRANCISCO, Jan. 14, 2021 /PRNewswire/ -- X1 today announces a $12 million investment led by Spark Capital with participation from Jared Leto, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Affirm CEO and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.
Ash Gupta is joining X1 as an advisor. Ash retired from American Express in 2018 after 40 years of continuous service where he was the Chief Risk Officer. As the President of Global Risk and Information management teams, he was instrumental in navigating American Express successfully through the great recession.
The funding follows X1 Card's viral growth since opening up its waitlist in September. The waitlist is already nearing 300,000 signups and is on its way to becoming the largest ever waitlist for a fintech product.
Built with 17g of stainless steel and laser etching technology, X1 Card 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 you shop and spend.
-- Smart features for better shopping: X1 Card uses proprietary smart
technology that lets cardholders cancel subscription payments in one
click, end free trials automatically with auto-expiring virtual credit
cards, get instant notifications on refunds, attach receipts to
purchases, and create virtual cards for one-time use. Cardholders will
also be able to shop anonymously without disclosing their personal
information.
-- An unparalleled rewards program with no annual fee: The X1 Card gives
points for every single purchase. The reward structure coupled with no
annual fees is unmatched in the industry with 2X points on every $1
spent, 3X points on every $1 spent for the year if you spend $15K+ on
the card in that year, and 4X points on every $1 spent for a month for
every friend you refer.
-- Higher limits: By looking at current and future income instead of credit
score, the X1 Card can responsibly set smart credit limits up to 5 times
higher than traditional credit cards. The higher limit also gives
cardholders the opportunity to have a lower utilization rate, allowing
them to increase their credit score faster.
-- Partnered with Visa: X1 Card is partnered with Visa Signature, allowing
cardholders to use it at more than 46 million merchants around the
world. Points can be redeemed at top brands including Apple, Airbnb,
Asos, Casper, Crate & Barrel, Glossier, Nike, Patagonia, Peloton, REI,
Sephora, Supreme, Wayfair and more.
-- A new look for a new generation: The X1 Card is made with 17 grams of
sleek, stainless steel, giving it a modern look. Listen to it drop here.
"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," said X1 co-founder and CEO, Deepak Rao. "We're honored to partner with Spark Capital and this phenomenal group of investors as we continue to build X1 and modernize the credit card industry."
To learn more about X1 Card and sign up for the waitlist, visit x1creditcard.com.
About X1 Card
X1 Card is the smartest credit card ever made. Built with 17g of stainless steel and laser etching technology, X1 Card 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 you shop and spend. The company is cofounded by Twitter alums Deepak Rao and Siddharth Batra and backed by Spark Capital, Craft Ventures, Harrison Metal, Jared Leto, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Affirm CEO and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.
PR Contact
Deepak Rao
drao@x1creditcard.com
View original content:http://www.prnewswire.com/news-releases/x1-the-smartest-credit-card-ever-made-raises-12-million-301208569.html
SOURCE X1 Card
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