X1

X1, operating as x1.co, has positioned itself in the fintech sector with a credit card designed for a modern consumer base. The company was founded in 2017 by Deepak Rao and Siddharth Batra, both of whom brought experience from the tech industry, having previously worked at Twitter. Their background in building consumer technology products influenced the development of the X1 Card.

The core of X1's business is the X1 Card, a Visa Signature credit card that distinguishes itself by assessing credit limits based on an applicant's current and future income rather than primarily on their credit score. To achieve this, the company connects to an applicant's bank account to verify payroll and cash flow, allowing for what it considers a more holistic financial picture for underwriting. This model is designed to appeal particularly to younger consumers and digital natives who may have a limited credit history but possess solid income potential. The company generates revenue through interchange fees charged to merchants for transactions.

The X1 Card is a stainless steel card that comes with a suite of features managed through a mobile app. It offers a rewards program where users earn points on all purchases, with opportunities to earn at higher rates after meeting monthly spending thresholds or through referrals. A key feature is the ability to create single-use virtual card numbers for online shopping, enhancing security and allowing users to easily cancel subscriptions or automatically end free trials. The card is notable for not charging annual fees, foreign transaction fees, or late fees. In June 2023, the X1 Card business was acquired by Robinhood.

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