X1 Card, which claims to be the smartest credit card available, has scored $12m in its funding round, which was led by Spark Capital.
Additional support to the round came from actor and musician Jared Leto, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Affirm CEO and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.
This equity comes after the card’s rapid adoption, which has seen its waitlist reach around 300,000 since opening in September.
X1 is a stainless steel card which leverages technology to offer consumers smart credit limits, a reward programme and automated features that transform how users spend money.
Cardholders can cancel subscriptions with a single click, automatically end free trials, get instant notifications on refunds, attach receipts to purchases and create cards for one-time use. Users can also shop anonymously without disclosing their personal information. As for rewards, the card gives points for each purchase.
X1 co-founder and CEO Deepak Rao said, “The reaction to X1’s unveiling and waitlist was outstanding, and we cannot wait to bring this card to market and to the hundreds of thousands who have signed up for it.
“We’re honoured to partner with Spark Capital and this phenomenal group of investors as we continue to build X1 and modernize the credit card industry.”
As part of the deal, Ash Gupta has joined X1 as an advisor, after having spend 40 years at American Express holding positions including chief risk officer.
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