X1 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.
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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.
“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.”
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