X1, the challenger credit card for digital natives founded by former Twitter executives, is rolling out of private beta to a waitlist of 350,000 people.
The stainless steel X1 Card uses current and future income instead of credit scores to set smart credit limits.
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.
The company has attracted investment from some big Silicon Valley hitters, including Box CEO Aaron Levie, Affirm CEO and PayPal co-founder Max Levchin, and Yelp CEO Jeremy Stoppelman.
As it rolls out the card to its waitlist, X1 says that a six month private beta saw engagement on par with Robinhood, with users opening the app an average of 10 times a day.
The firm initially promised up to 5 times higher credit limits than average credit cards but says that in the beta, customers’ X1 limits are 7.5 times higher. Within 60 days of having the card, 45% of customers started using X1 for the majority of their spending.