{"id":80647,"date":"2023-06-23T10:05:14","date_gmt":"2023-06-23T07:05:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80647"},"modified":"2025-09-11T18:13:47","modified_gmt":"2025-09-11T15:13:47","slug":"robinhood-to-acquire-fintech-startup-x1-for-95-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/robinhood-to-acquire-fintech-startup-x1-for-95-million\/","title":{"rendered":"Robinhood to acquire fintech startup X1 for $95 million"},"content":{"rendered":"<p>The online broker Robinhood has agreed to acquire X1, a platform that offers a no-annual-fee cashback credit card. The deal is expected to total around $95 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Announcement incoming ? We\u2019re acquiring <a href=\"https:\/\/twitter.com\/x1creditcard?ref_src=twsrc%5Etfw\">@x1creditcard<\/a>, a platform that offers a no fee, stainless steel credit card with rewards on every purchase, and an intuitive mobile app experience. This is an important step toward serving all of our customers&#8217; financial needs. More info:\u2026 <a href=\"https:\/\/t.co\/VCUjBxkpsM\">pic.twitter.com\/VCUjBxkpsM<\/a><\/p>\n<p>\u2014 Robinhood (@RobinhoodApp) <a href=\"https:\/\/twitter.com\/RobinhoodApp\/status\/1671860663046553602?ref_src=twsrc%5Etfw\">June 22, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The metal X1 credit card carries no annual fees, no late-payment fees, or international transaction fees. The product is accompanied by a mobile app.<\/p>\n<blockquote><p>\n\u201cThis acquisition will bring us closer to our goal of meeting all of our customers&#8217; critically important financial needs. Together with X1, we will now be able to offer them access to credit,\u201d said Robinhood co-founder and CEO Vlad Tenev.\n<\/p><\/blockquote>\n<p>Co-founders Deepak Rao and Siddharth Batra will join the online broker&#8217;s team and oversee the company&#8217;s new line of business. Rao will become General Manager for Credit Cards, reporting directly to Tenev.<\/p>\n<p>J.P. Morgan Securities acted as financial adviser to Robinhood. The deal is expected to close in the third quarter of 2023. The online broker will pay for it entirely in cash.<\/p>\n<p>According to <a href=\"https:\/\/x1creditcard.com\/newsroom\">X1&#8217;s site<\/a>, as of July 2022 the startup had raised more than $45 million in funding. Monthly sales volume exceeded $50 million, and the platform was expected to reach $1 billion by year-end. The credit card waitlist numbered 500,000 users.<\/p>\n<p>As of the first quarter of 2023, Robinhood <a href=\"https:\/\/u1f987.com\/en\/news\/robinhoods-cryptocurrency-revenue-falls-30-year-on-year\">reported a decline in revenue<\/a> from operations by 5%, to $207 million. The cryptocurrency segment fell by 30% to $38 million.<\/p>\n<p>Earlier in May, the company recorded <a href=\"https:\/\/u1f987.com\/en\/news\/robinhoods-crypto-trading-volume-falls-68\">a decline in trading volumes<\/a> of digital assets by 68%.<\/p>\n<p>From June 27, the online broker <a href=\"https:\/\/u1f987.com\/en\/news\/robinhood-to-discontinue-support-for-cardano-polygon-and-solana\">will discontinue support<\/a> for the cryptocurrencies Cardano (ADA), Polygon (MATIC) and Solana (SOL).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Online broker Robinhood has agreed to acquire X1, a platform that offers a no-annual-fee cashback credit card. The deal is expected to be worth about $95 million.<\/p>\n","protected":false},"author":1,"featured_media":80648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1235,1234],"class_list":["post-80647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-mergers-and-acquisitions","tag-robinhood"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80647"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80647\/revisions"}],"predecessor-version":[{"id":80649,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80647\/revisions\/80649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80648"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}