X1, a consumer fintech startup which recently launched an income-based credit card to the public, has raised an additional $15 million in funding.
This round caught our attention for a few reasons. For one, a consumer fintech raising in this environment is a bit counter to the narrative that startups in the space are generally struggling. (For example, digital bank Chime recently laid off 12% of its workforce, or about 160 people.)
Also, notably, X1’s latest financing comes just six months after the San Francisco-based company raised $25 million in a July Series B round. It also is not only not a down or a flat round, the cash infusion boosts X1’s valuation by 50%, according to Deepak Rao, co-founder & CEO of X1.
Rao unfortunately declined to reveal the new valuation or number of cardholders but he did share some other very interesting information around the company’s financials. When X1 started raising for its Series B in late March/early April, it was generating about $1 million per month in revenue, he said. By October, the startup was doing about $3 m …
