Pa Zoran Temyelkov July 2022
X1, an income-based credit card provider, raises $25 million in a Series B funding round led by venture capital firm Wesley Chan. FPV is the firm’s first investment. The round included Craft Ventures, Spark Capital, SV Angel, Harrison Metal, Global Founders Capital, Abstract Ventures and Chainsmokers.
The funds will be directed to the court for further product innovation and scalability before making its products available to the general public. The company’s product is currently in waitlist-only beta and has quickly become the largest credit card in terms of purchase volume, with up to $50 million per month.
After the latest round of funding, the total capital secured by X1 has grown to $45 million. The company previously raised $12 million in January 2021.
X1 the model for determining credit limits is based on current and future income instead of the traditional credit scoring model. The company’s product is billed as the smartest credit card on the market, using technology to offer credit limits, rewards programs and other innovative shopping and spending features.