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X1

“Can a premium income-based credit card become the credit layer of a broader consumer financial operating system (Robinhood)?”

Founded2020
HQSan Francisco, California, USA
FoundersDeepak Rao, Siddharth Batra
Total raised$62M
Latest roundAcquired by Robinhood for $95M, 2023
Valuation$95M acquisition price (2023)
IndustryFintech / Consumer banking
The story

Founded in 2020, X1 differentiated in the saturated consumer credit card market by underwriting based on income rather than just credit score, offering smart limits, no fees, and an automated rewards program on a premium stainless steel card. After raising $62M in venture funding and launching publicly in 2022, the company was acquired by Robinhood for $95M in mid-2023 as Robinhood moved to expand beyond brokerage into credit. Post-acquisition, the X1 card infrastructure and team were folded into what became the Robinhood Gold Card, embedding credit into Robinhood's consumer financial platform and relying on Coastal Community Bank as the issuing sponsor bank.

Last 12 months
2023-06
2023-06
Product timeline
2020
X1 Inc. founded by Deepak Rao and Siddharth Batra with the concept of an income-based credit card.· card
2022
X1 Card launched publicly — a stainless steel, no-fee Visa Signature credit card with smart credit limits based on income and an automated rewards program.· card
2022
Raised $25M Series B followed by $15M extension (50% valuation boost); announced plans to let consumers buy stocks with reward points.· pivot
2023
Acquired by Robinhood for $95M in cash; X1 co-founders Deepak Rao and Siddharth Batra stayed on to oversee the new credit business.· acquisition
2024
X1 card rebranded and relaunched as the Robinhood Gold Card, issued by Coastal Community Bank, exclusively for Robinhood Gold members with 3% cash back on all categories.· card
The stack
4 layers disclosed in X1’s embedded-finance stack
Banking / BaaS
Coastal Community Bank (sponsor)
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: minor
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.