By Zoran Temelkov July, 2022
X1, an income-based credit card provider, raises $25 million in a Series B funding round led by Wesley Chan’s venture firm, FPV representing the first investment of the firm. The round included Craft Ventures, Spark Capital, SV Angel, Harrison Metal, Global Founders Capital, Abstract Ventures, and Chainsmokers.
The funds will be sued for further product innovation and scalability prior to making its products available to the general public. Currently, the company product is in waitlist-only beta, and it has swiftly become a growing challenger credit card in terms of purchase volume with up to $50 million monthly volume.
Following the latest funding round, the total capital secured by X1 climbs to $45 million. The company’s previous fundraising was executed in January 2021, when it raised $12 million.
X1 model for defining credit limits is focused on current and future income instead of the traditional credit scores model. The company’s product is labeled as the smartest credit card on the market that utilizes technology to offer credit limits, rewards programs, and other innovative shopping and spending features.
