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Robinhood Acquires No-Fee Credit Card Startup X1 for $95 Million in Cash

June 22 (Cointime) - Robinhood has announced its acquisition of X1, a no-fee credit card startup, for $95 million in cash. X1, which offers an income-based credit card with rewards, has raised a total of $62 million in venture-backed funding since its inception in 2020.

Robinhood's acquisition of X1 is seen as a move to diversify its business and broaden its product offerings, as its core trading business saw declines in May. X1's co-founders will oversee the new business for Robinhood, and the deal is expected to close in the third quarter of this year.

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