X1 Inc.

X1 Inc. is a financial technology company specializing in innovative credit card solutions, designed to enhance customer access to credit and streamline financial transactions for users. Founded in 2017 in San Francisco, US, X1 Inc. operates in the credit card sector.

The founders, Deepak Rao and Siddharth Batra, aim to transform how individuals manage and utilize credit. The company became a target for acquisition, culminating in a recent Add-on funding round on June 22, 2023, where Robinhood Financial LLC acquired X1 Inc. for USD 95 mn. X1 has engaged in a total of 6 deals since its inception, raising USD 15 mn overall through various funding rounds.

X1 Inc. offers a unique credit card product that combines attractive cash back incentives and flexible spending options, primarily targeting individual consumers. The card provides features such as no annual fees and an innovative rewards system that appeals to both new and seasoned credit card users. The company aims to create a user-friendly experience that simplifies financial management and enhances the overall customer journey in credit utilization.

X1 Inc. generates revenue through transaction fees associated with its credit card services, as well as interest from unpaid balances. As the company continues to expand its product offerings, it anticipates that these revenue streams will evolve to support a growing customer base, enabling sustainable financial growth. Following its acquisition by Robinhood Financial LLC, X1 Inc.

plans to leverage its resources to enhance product offerings, including the introduction of new features for its credit card by the end of 2024. The expansion strategy focuses on increasing its market presence across the US, particularly among younger demographics seeking flexible credit solutions. Recent funding will be utilized to support product development and marketing initiatives aimed at attracting new customers and retaining existing ones.