XI Card, a U.S.-based smart credit card company, announced on Thursday it raised $12 million through its latest investment round, which was led by Spark Capital with participation from Jared Leto, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Affirm CEO/PayPal Co-Founder Max Levchin, and Y Combinator. The latest investment round comes less than six months after X1 secured $10 million through its Series A funding round
Co-Founded by Twitter alums, Deepak Rao and Siddharth Batra, X1 Card claims to be the smartest credit card ever made.
“Built with 17g of stainless steel and laser etching technology, X1 Card reimagines the credit card from the ground up. It harnesses the power of technology to offer smart credit limits, an unparalleled rewards program, and automated features that will transform the way you shop and spend.”
X1 Card further noted that it has partnered with Visa Signature, allowing cardholders to use it at more than 46 million merchants around the world. Speaking about the investment round, X1 Co-Founder and CEO, Rao, stated that the reaction to the company and its waitlist (which is now nearing 300,000 startups) has been outstanding to him:
“We cannot wait to bring this card to market and to the hundreds of thousands who have signed up for it.We’re honored to partner with Spark Capital and this phenomenal group of investors as we continue to build X1 and modernize the credit card industry.”
X1 Card then added that Ash Gupta is joining X1 as an advisor. Gupta retired from American Express in 2018 after 40 years of continuous service where he was the Chief Risk Officer.