Credit card startup X1 Card has raised $25 million in a Series B funding round as it prepares to launch in the United States.
The Series B round was led by Google Analytics co-founder Wesley Chan’s new fund FPV Ventures, the fund’s first investment.
Other Series B participants include existing investors Craft Ventures, Spark Capital, Harrison Metal and SV Angel as well as new investors Abstract Ventures, the Chainsmokers and Global Founders Capital.
The funding brings the total capital raised by X1 to over $45 million. The new cash will be used to invest in product innovation and scale its operations.
Since launching a waitlist-only beta in October last year, X1 claims to be the fastest growing challenger credit card ever and predicts it will see around 1 billion dollars in annualized spending this year.
The X1 card, which is paired with Visa Signature for use at over 46 million merchants worldwide, offers smart credit limits, a rewards program, virtual card capabilities, automated spending and transaction features and no annual or foreign transaction fees.
The company says applications for the card will be open to its waiting list of 500,000 people and the general public “in the coming weeks”.