X1

X1 is a fintech company that offers an innovative credit card product aimed at reimagining the traditional credit card experience. Founded in 2020 and based in San Francisco, X1 provides a no-annual-fee Visa Signature credit card that uses smart technology to offer higher credit limits, enhanced rewards, and unique features.

The X1 Card uses an alternative underwriting model that places more emphasis on current and future income potential rather than solely relying on credit scores. This allows X1 to offer credit limits up to five times higher than traditional cards. The card earns rewards at tiered rates - two points per dollar on the first USD 1,000 spent each month, three points per dollar on the next USD 6,500 spent that month, then two points per dollar on remaining monthly purchases. Points can be redeemed for statement credits with select merchant partners at a value of up to one cent per point.

X1's mobile app provides advanced features like virtual card numbers for enhanced security, one-click subscription cancellations, and instant purchase notifications. The physical card is made of 17 grams of stainless steel and has no foreign transaction fees. X1 also offers comprehensive travel and purchase protections typical of premium cards despite having no annual fee.

Key customers and partnerships

X1 has partnered with over 50 retail brands for its rewards redemption program, including major companies like Apple, Nike, Amazon, Airbnb, Delta Airlines, and Peloton. The company also stated it was on track to see USD 1 billion in annualized spend in 2022.

In June 2023, X1 was acquired by Robinhood Markets Inc. for approximately USD 95 million. The acquisition was intended to allow Robinhood to offer credit products to its customers, with X1's co-founders joining Robinhood to oversee the credit card business.