The fintech company is Robinhood's fifth acquisition in four years, according to Crunchbase data.
Crypto and stock trading app Robinhood has taken a new step to diversify its business portfolio by acquiring the credit card startup X1 in a $95 million deal. The fintech firm offers an income-based credit card with rewards, along with free trial and single-use credit cards.in a statement on June 22, adding that the move was “an important step" to a deep relationship with its existing customers.
Robinhood, which already offers debit cards to its customers, gains a new revenue stream with the acquisition. In a press release dated July 2022, X1 $50 million in monthly volume and was expecting to reach $1 billion in annualized spend at year's end.
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