X1 Card
“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?”
Founded2020
HQSan Francisco, California, United States
FoundersDeepak Rao, Siddharth Batra
Total raised$62M (pre-acquisition)
Latest roundSeries B extension, December 2022 ($15M)
ValuationAcquired by Robinhood for $95M cash (June 2023)
IndustryFintech / Consumer banking
The story
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.
Product timeline
2020
X1 founded by ex-Twitter engineers Deepak Rao and Siddharth Batra· founding
2022
X1 Card publicly launched — stainless-steel, income-based Visa credit card· card
2022
Series B + extension raised, valuation +50%· funding
2023
Acquired by Robinhood for $95M cash, becoming Robinhood Credit· acquisition
The stack
4 layers disclosed in X1 Card’s embedded-finance stack
Card network
Lending
in the full report
KYC
in the full report
Sponsor bank
in the full report
Accounting gap: none
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.