FintechPaymentsTechnology

X1 launches new “smart credit limit” card

X1 announced the public release of its smart credit card today, which uses current and future income instead of credit scores to set limits, to a waitlist of over 350,000 today, according to a press release.

The card is made of stainless steel and offers a number of benefits, allowing one-click subscription cancellation, rewards with no annual fee, no foreign transaction fee and higher limits based on its smart credit implementation.

“With X1, we tossed the rulebook out and designed the first challenger card for digital natives. X1 delivers a superior experience that feels both simpler and smarter than any other credit card on the market, and we were so honored last year when hundreds of thousands of people joined our waitlist to get access to that experience,” X1 co-founder and CEO Deepak Rao stated in the release.

“After months of hard work and an extremely promising private beta, we’re thrilled to start rolling out X1 Card to the public,” he said.

X1 has raised $22 million to date, with a $10 million Series A led by Craft Ventures in late 2020 and a $12 million Series A led by Spark Capital in January 2021. The company has also partnered with Silicon Valley Bank (NASDAQ: SIVB) and Coastal Community Bank to provide the card.

The company says that since the beta launched six months ago, users have opened the app 10 times per day on average and have had limits 7.5x higher than their average credit card.

45% of customers have said the X1 card has been used for the majority of their spending within 60 days of having the card, according to the release, with over $1 million being spent in that time across a few hundred customers.

In other recent fintech news, Lydia AI raised a $8 million Series A+ led by Information Venture Partners in a push to become the market leader in deep learning risk scoring for insurance. N26 also raised a $900 million Series E that is set to push its IPO ambitions.

Latest Articles

2022 HousingWire TECH100 Real Estate Honorees HW+
Mar 11, 2022 By

This year’s list of TECH100 Real Estate honorees represent a huge shift in the direction that the real estate industry is heading in. Though real estate may have fallen behind in technological advances compared to other industries in the past, all of that is changing, and this year’s list of Tech100 winners embody that shift. […]

Content from our partners

Log In

Forgot Password?

Don't have an account? Please

Register

Forgot Password

Please enter your registered email address below to receive a password reset link.

Check Your Email

A password reset email has been sent to the email address on file for your account, but may take several minutes to show up in your inbox. Please wait at least 10 minutes before attempting another reset.

Welcome to FinAssist

Go to your inbox and open 'Welcome to FinAssist, your company discovery platform' to get started. You may also skip your inbox and 'Start tutorial'.