X1 Card, a San Francisco, CA-based smart credit card maker, raised $25M in Series B funding.
The round, which brings total funding to more than $45M, was led by FPV Ventures, the new venture firm from Wesley Chan, with participation from existing investors Craft Ventures, Spark Capital, Harrison Metal and SV Angel and new investors Abstract Ventures, the Chainsmokers and Global Founders Capital.
The company intends to use the funds to invest in product innovation and scale as it opens to general availability.
Co-founded by Twitter alums Deepak Rao and Siddharth Batra, X1 Card is a maker of a a smart credit card built with 17g of stainless steel and laser etching technology. It leverages technology to offer smart credit limits, a rewards program, and automated features for users to shop and spend. X1 Card is partnered with Visa Signature, allowing cardholders to use it at more than 46 million merchants around the world. .
Since rolling out to a limited waitlist-only beta in October, X1 is on track to see $1B in annualized spend this year with a transaction happening every 5 seconds. The card has been used in more than 100 countries and has members in all 50 states. In the coming weeks, applications for the card will open to its 500,000-person waitlist and the general public.