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X1 Credit Card Receives $12 Million Funding Boost

The sleek X1 Credit Card is one step closer to launch, after a successful round of funding. The new fintech credit card – lauded as the “smartest credit card ever made” – raised over $12 million thanks to a range of investors, including prominent names in the tech industry.

X1 Credit Card One Step Closer to Launch

The X1 Card was first announced in September 2020 with promises of a new way to think about credit. The product, the brainchild of fintech startup Thrive, will base a cardholder’s credit limit on their income and not their credit score. This results in the potential for credit limits up to five times the typical average from traditional lenders.

To date, more than 300,000 people have joined the waiting list for the credit card, which will also offer cash back rewards on every purchase.

Credit Card Startup Raises $12 Million in Funding

The X1 Card launch recently took a step forward. A large round of funding led by Spark Capital saw more than $12 million raised towards the venture. This capital is earmarked for credit lines for potential cardholders. According to a press release, the CEOs of Yelp, Box, Affirm, and Y Combinator Continuity participated in the fundraising effort.

“We Cannot Wait to Bring This Card to Market.”

“The reaction to X1’s unveiling and the 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,” X1 co-founder and CEO, Deepak Rao, said in the release. “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.”

Precisely when the X1 Card will launch is still unknown. The company initially sought to launch the card in late 2020, but this did not materialize. A mid-2021 launch date appears more realistic, though this depends on the acquisition of further funding, as well as other logistical factors.

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Featured photo by Cindy Malette / Burst
About: Cory
Cory Santos

Cory is BestCards.com's "Jack of all trades" and resident credit expert, covering all facets of the credit card space. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.