X1 Inc. provides the X1 Card, a credit card that allows users to earn up to 3X points per dollar spent, along with various insurance and travel protection benefits. The company generates revenue through interest on balances, interchange fees from merchants, and partnerships with brands. Unlike traditional banks, X1 leverages technology to enhance financial services and focuses on transparency and user consent. The goal is to offer consumers a high-reward credit card that also provides comprehensive protection.

Robinhood

Max Levchin

Harrison Metal

Craft Ventures

Aaron Levie

Spark Capital

Jared Leto

Ali Rowghani

Jeremy Stoppelman

SV Angel

Kyle Vogt

Abstract Ventures

FPV Ventures

Brian Kelly

The Chainsmokers

Global Founders Capital

Soma Capital

Fintech

Financial Services

Announcement incoming CryptoBullNewsflash is acquiring @x1creditcard, a platform that offers a no fee, stainless steel credit card with rewards on every purchase, and an intuitive mobile app experience.

Robinhood buys credit card fintech X1 for $95M Crypto-News

Announcement incoming 🚨 Coinbold is acquiring @x1creditcard, a platform that offers a no fee, stainless steel credit card with rewards on every purchase, and an intuitive mobile app experience.

Robinhood spend $95M to purchase the fintech company X1.

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Robinhood To Acquire X1

X1, which offers an income-based credit card with rewards, raised a total of $62 million in venture-backed funding.

Robinhood acquires credit card startup X1 for $95M

Robinhood acquired X1 last June, and it looks like the X1 Card is no longer open to new applicants.

Robinhood's New Gold Card Goes Head-to-Head With Apple and PayPal

Robinhood's acquisition of fintech startup X1 Inc. for about $95 million last year reflects the increasing popularity of fintech firms.

Robinhood Launches Credit Card for Gold Customers

Venture capital (VC) outfits are reportedly shrinking their megafunds after years of building them up. As The Wall Street Journal (WSJ) reported Sunday (July 16), these cuts illustrate the way tech investors are scaling back their goals even as tech stocks rebound in part because of the recent artificial intelligence (AI) boom. According to the report, venture investors say many opportunities in the AI sector are centered around small startups, with few opportunities involving later-stage companies. And recent initial public offerings (IPOs) also show the market for new issues is still recovering, the WSJ said

Venture Capital Firms Slash 'Megafunds' Even Amid Ai Boom

Announcement incoming 🚨 Cryptotimes is acquiring @x1creditcard, a platform that offers a no fee, stainless steel credit card with rewards on every purchase, and an intuitive mobile app experience.

Robinhood To Acquire Fintech Firm X1 for $95 Million

Robinhood’s retirement accounts are diversifying its revenues and widening its customer base.That’s been the popular investing app’s experience in the months since it expanded its offerings with the launch of traditional and Roth individual retirement accounts, the Wall Street Journal (WSJ) reported Friday (July 14). The company is also offering a 1% match to any deposit into the account to incentivize customers.Sam Nordstrom, Robinhood Retirement product manager, said, per the report: “Robinhood Retirement works for us and for customers, both passive set-it-and-forget-it investors and folks who want to trade more actively.”The retirement accounts offer trading in exchange-traded funds and stocks and have no percentage fee for retirement assets. This means Robinhood can continue offering free services, which is a key selling point.Robinhood isn’t necessarily getting a steady revenue stream from its retirement accounts but aims to find an offering that can generate revenue without replicating the rest of its business, the report said.With retirement accounts, customers have to decide for themselves how they want to invest and trade in a self-directed retirement account, per the report. The accounts do not allow for trading on margin either. Lastly, Robinhood is working on creating an advisory program for its retirement accounts.This expansion into retirement services could be a transformational moment for the public company, growing its offerings as it offers its customers added services, incentives and advantages, the report said.Launching retirement accounts has helped Robinhood compete more directly with traditional brokerages. Other money managers and brokerage platforms, like Fidelity Investments and Morgan Stanley’s E*Trade, have been offering such accounts for a while now.In January 2022, the company said it was planning to expand its services, focusing on three areas: “being the best place to get started investing, helping first-time investors grow into long-term investors, and continuing to serve advanced investors with the power and simplicity they need.”In another recent move, Robinhood announced in June that it had acquired the FinTech company X1, which offers users a no-fee income-based credit card with rewards on each purchase

Investing App Robinhood Expands With Retirement Account Options

Stock brokerage app Robinhood has laid off about 150 employees, or 7% of its workforce.The job cuts were made in response to a slowdown in trading volumes and to “better align team structures,” The Wall Street Journal (WSJ) reported Monday (June 26), citing an internal company message from Robinhood Chief Financial Officer Jason Warnick.Reached by PYMNTS, a Robinhood spokesperson provided a statement saying: “We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.”The job cuts included roles in customer experience and platform shared services; customer trust and safety; and safety and productivity, according to the WSJ report.Monday’s layoffs were the company’s third round of job cuts in just over a year, totaling a reduction of more than 1,000 positions, the report said.Robinhood laid off 9% of its full-time employees in April 2022 and laid off 23% of its staff in August 2022, pointing to a slowdown in customers’ trading.During Robinhood’s most recent earnings call, the company reported that while its monthly active users (MAU) increased by around 400,000 to 11.8 million for the most recent quarter, that total was nearly half of the platform’s 21.3 million MAU count during retail investing’s peak in the second quarter of 2021.The trading app’s first quarter 2023 MAU of 11.8 million represented a 26% year-over-year decline in activity.Its notional crypto trading volumes were down 46% year over year while its equity trading was down 20% year over year.Monday’s news comes four days after Robinhood announced its acquisition of X1, a FinTech company that offers users a no-fee income-based credit card with rewards on each purchase.As PYMNTS reported Thursday (June 22), the acquisition is a significant step for Robinhood as it continues to diversify its offerings and revenue streams. With transaction-based revenue declining for the fifth straight quarter in the first quarter, company executives have emphasized the company’s ability to diversify further via subscription revenue from its Gold account, retirement accounts and debit card offerings

X1

Offers high-reward credit card services

X1

Offers high-reward credit card services

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