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July 19, 2022

Smart credit card firm X1 secures $25m in new funding

US-based smart credit card firm X1 Card has secured funding of $25m in its Series B funding round, bringing the total amount raised by the company till date to more than $45m.

The round was led by Google Analytics co-founder Wesley Chan’s new venture company FPV, representing the first investment made by the company.

The round was also joined current investors such as Craft Ventures, Spark Capital, Harrison Metal and SV Angel and new investors including Abstract Ventures, Chainsmokers and Global Founders Capital.

X1 Card plans to launch its applications for its 500,000-person waitlist and the general public in the US in the next few weeks.

The company aims to use the fresh capital infusion to develop new products.

In a statement, X1 said: “The funding follows X1’s unmatched momentum in the $2.4 trillion consumer credit card industry.

“Since rolling out to a limited waitlist-only beta in October, X1 has become the fastest growing challenger credit card of all time and is on track to see $1bn in annualised spend this year with a transaction happening every five seconds.”

X1 further noted that its card is currently in use over 100 countries and has associates in 50 US states.

In January last year, X1 Card bagged $12m investment in a funding round led by Spark Capital.

The round followed the launch of its waitlist in September 2020.

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