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X1 raises $12m for smart credit card

X1 raises $12m for smart credit card

X1, the startup behind a "smart" credit card, has raised $12 million in a funding round led by Spark Capital.

The round was joined by film star Jared Leto, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Affirm CEO and PayPal co-founder Max Levchin and Y Combinator Continuity CEO Ali Rowghani.

The stainless steel X1 Card uses current and future income instead of credit scores to set smart credit limits. This can lead to limits of up to five times higher than traditional credit cards.

The startup's proprietary technology also lets cardholders cancel subscription payments in one click, end free trials automatically with auto-expiring virtual credit cards, get instant notifications on refunds, attach receipts to purchases, and create virtual cards for one-time use.

Since opening a waitlist in September, the firm has attracted nearly 300,000 signups for the Visa card.

Deepak Rao, CEO, X1, says: "The reaction to X1's unveiling and waitlist was outstanding, and we cannot wait to bring this card to market and to the hundreds of thousands who have signed up for it."

Meanwhile, the company has brought in former American Express chief risk officer Ash Gupta as an advisor.

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