Robinhood enters an agreement to acquire credit card firm X1 for $95 million

Steffy Bogdanova
June 23, 2023 11:14 am

US brokerage platform Robinhood Markets, Inc. has signed an agreement to acquire San Francisco-based fintech company that offers credit cards, X1 Inc., for $95 million in cash.

Robinhood highlighted that the newly announced acquisition expands the broker’s product offerings and deepens its relationship with existing customers. The official announcement detailed that the deal is expected to close in the third quarter of 2023.

The American broker further stated that X1’s team will be onboarded to the company with co-founders Deepak Rao and Siddharth Batra overseeing this new business. Rao will serve as General Manager of Credit Cards and will report to Robinhood CEO and Co-Founder Vlad Tenev.

Tenev commented:

Vlad Tenev,, Robinhood

Vlad Tenev

This acquisition will bring us closer towards our goal of serving the entirety of our customers’ critical financial needs. Together with X1, Robinhood will now be able to offer our customers access to credit.

Deepak Rao, CEO and co-founder of X1, said

When founding X1, we set out to create a different kind of credit card with an unparalleled experience for customers, similar to Robinhood’s mission to make our financial markets more accessible to all. We share the same ethos and joining together with Robinhood we’ll be able to offer an enhanced credit card experience.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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