X1, the challenger credit card startup, founded by former Twitter executives, is expected to launch an innovative credit product after raising $25 million in Series B funding
The smart credit card company X1 announced its successful Series B funding round had brought the challenger $25 million. The funding was led by FPV Ventures, a new venture firm from Wesley Chan. Craft Ventures, Spark Capital, Harrison Metal, SV Angel, Abstract Ventures, the Chainsmokers and Global Founders Capital also participated.
The stainless steel X1 Card, which is in a waitlist-only beta mode now, uses current and future income instead of credit scores to set smart credit limits. Therefore, the startup claims to offer credit limits up to 5X higher than traditional cards. As the company secured a new share of funding, it will be opening applications to the general public in the U.S. in the coming weeks.
The startup’s proprietary technology lets cardholders cancel subscription payments in one click, end free trials automatically, get instant notifications on refunds, spend anonymously without disclosing personal information, attach receipts to purchases, and create virtual cards for one-time use. Besides, X1 Card comes with a generous loyalty program.