The California-based smart credit card company X1 Card announced that it has secured $25M in Series B funding led by FPV Ventures, the new venture firm from Wesley Chan.
Participating investors include existing investors, Craft Ventures, Spark Capital, Harrison Metal, and SV Angel, and new investors, Abstract Ventures, the Chainsmokers, and Global Founders Capital. The latest round brings X1 Card’s total funding amount to $45M.
The US company will use the funds to invest in product innovation and scale as it opens to general availability.
“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,” says Deepak Rao, co-founder of X1.
He adds, “We’ve modernised 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.”
Waitlist for general public
The company rolled out a limited waitlist-only beta in October, is used in more than 100 countries, and has members in all 50 states. As per the company’s claims, the company is on track to see $1B in annualised spending this year, with a transaction happening every 5 seconds.
In the coming weeks, applications for the card will open to its 500,000-person waitlist and the general public.
No-annual-fee card
Founded by Twitter alums Deepak Rao and Siddharth Batra, X1 Card is made with 17 grams of sleek, stainless steel. The no-annual-fee card is partnered with Visa Signature, allowing cardholders to use it at more than 46M merchants, and incurs no foreign transaction fees.
The reward structure coupled is 2x points on every $1 spent, 3x points on every $1 spent for the year if $15K+ is spent on the card in that year, and 4x points on every $1 spent for a month for every referral.
The card also allows to add family members as cardholders and earn points together. Every cardholder receives their own metal card, and members can keep track of family spending with instant purchase notifications and insights and add purchase limits to prevent overspending.
The company is backed by FPV Ventures, Spark Capital, Affirm and PayPal co-founder Max Levchin, PayPal founding COO David Sacks, Harrison Metal founder Michael Dearing, former Twitter COO Adam Bain, the former president of American Express, Libra co-creator & Instagram’s former head of product, the CEOs of Box, Yelp, and Y Combinator Continuity, Jared Leto and more.
“X1 is an iconic brand that will become the most in-demand credit card of all time,” said Wesley Chan, co-founder of FPV Ventures. “Deepak’s team has reimagined the credit card from the ground up, reinventing every detail through the lens of eye-catching design, forward-thinking tech, and a world-class user experience. We’re thrilled to be investing in X1 and can’t wait for them to build an amazing base of happy and engaged users.”
