Smart credit card company X1 Card on Monday (July 18) raised $25 million in a Series B funding round that it plans to use for product innovation and growth ahead of its availability to the general public in the coming weeks, according to a company press release.
FPV Ventures, the new venture firm from Wesley Chan, who founded Google Analytics and wrote the first checks into Robinhood and Plaid, led X1’s fundraising effort. The round also saw participation from existing investors Craft Ventures, Spark Capital, Harrison Metal and SV Angel and new investors Abstract Ventures, the Chainsmokers and Global Founders Capital.
X1 Card has now raised $45 million, per the release. The card debuted as a limited wait-list only beta in October and has since been used in more than 100 countries by members in all 50 U.S. states, and the current wait list has more than 500,000 people on it.
The no-annual-fee X1 Card is partnered with Visa Signature, meaning it can be used at more than 46 million merchants with no foreign transaction fees.
“The credit card industry has long been overdue for disruption, so we set out to build the world’s smartest credit card for a new generation of digital natives like ourselves,” said Deepak Rao, co-founder of X1. “We’ve modernized the entire credit card experience, from limits to rewards to smart tech-driven features, and created a product that consumers truly love.”
According to the company, the X1 Card has “proprietary smart technology” that allows customers to cancel subscription payments in one click, automatically end free trials, get instant notifications for refunds and create one-time use virtual cards.
Users can also shop anonymously without revealing their personal information, and the card comes with a rewards program in which customers get points for every purchase without annual fees.
Additionally, X1 said the card offers higher limits than other credit cards by looking at current and future income, and it reportedly gives cardholders the ability to have a lower utilization rate, which can let them boost their credit scores faster.