The acquisition is expected to close in Q3 2023, subject to customary closing conditions, with JP Morgan Securities acting as exclusive financial advisor to Robinhood.
X1, which rolled out to the public last year following a $25 million Series B funding round, offers a stainless steel credit card to customers with smart credit limits, a rewards program, and automated features with no annual fees, late fees, or foreign transaction fees.
“This acquisition will bring us closer towards our goal of serving the entirety of our customers’ critical financial needs,” says Vlad Tenev, CEO and co-founder of Robinhood. “Together with X1, Robinhood will now be able to offer our customers access to credit.”
