“Can an income-based, no-fee metal credit card become the primary credit product for a new generation — and the credit engine inside a broader consumer finance platform?”
X1 launched in 2020 as a no-fee, income-based metal credit card targeting consumers frustrated with traditional credit-score gatekeeping. After a strong 2022 launch and Series B extension, X1 was acquired by Robinhood in June 2023 for $95M to become the foundation of Robinhood's credit card offering (now Robinhood Credit, Inc.). Product continued to run on Coastal Community Bank rails post-acquisition.
X1 Card discloses Coastal Community Bank as its sponsor bank, according to the Embedded Finance Index 2026.
X1 Card does not disclose a bank charter of its own; its banking services are provided through Coastal Community Bank.
X1 Card's cards run on Visa.
X1 Card uses Persona for KYC and identity verification.
X1 Card's lending and capital products are provided by X1 Card (in-house, credit issued by Coastal Community Bank).
The Embedded Finance Index 2026 maps 4 layers in X1 Card's stack: Card network (Visa); Lending (X1 Card (in-house, credit issued by Coastal Community Bank)); KYC (Persona); Sponsor bank (Coastal Community Bank).
X1 Card was founded by Deepak Rao and Siddharth Batra and is founded in 2020, headquartered in San Francisco, California, United States.
X1 Card has raised $62M (pre-acquisition) in total (latest round: Series B extension, December 2022 ($15M); valuation: Acquired by Robinhood for $95M cash (June 2023)).
Get a read on where your own stack stands against X1 Card and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.