Robinhood acquires credit card startup X1 for $95M

Robinhood announced on Thursday that it was acquiring X1, a no-fee credit card startup, for $95 million in cash.
X1, which offers an income-based credit card with rewards, raised a total of $62 million in venture-backed funding from investors like Soma Capital, FPV, Craft Ventures and Spark Capital since its 2020 inception. The company announced its most recent raise of $15 million in December, when it also touted a 50% boost in its valuation.
On the one hand, while X1’s valuation is not known, it looks like Robinhood is getting a good deal with $95 million. If you take a look at recent raises

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