Challenger credit card X1 Card has raised $25m from a Series B round headed by FPV, a venture firm headed by Google Ventures co-founder Wesley Chan.
Also taking part in the round were Craft Ventures, Spark Capital, Harrison Metal, SV angel, Abstract Ventures, the Chainsmokers and Global Founders Capital. To date, the X1 has raised a total of $45m.
While currently in a waitlist-only beta, X1 Card claims it has become the fastest ever-growing challenger credit card by purchase volume, growing to $50m monthly volume in just six months and projected to hit $1bn in annualised spend this year.
X1 card will be opening applications to the general public in the US market over the coming weeks, with over 500,000 people on the waitlist. The card has been used in over 100 countries globally and has members in all 50 US states.
The new funding will be used to invest in product innovation and scale as the X1 card opens to general availability.
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