Robinhood is going to buy out startup X1 worth $ 95 million.

Broker Robingood has reached an agreement on the purchase of the X1 platform. It issues free credit cards, where there is cashback. The deal will cost the broker about $95 million.

What kind of cards does X1 produce

The company issues metal credit cards. They have commissions and fees for late payments. There are also no international operations. Additionally, an application for smartphones is being released.

One of the founders of Robingood stated that the purchase will make it possible to fulfill the needs of critical requests from users, with regard to the financial side. Thanks to the company X1, the broker will be able to give access to credit funds.

At the same time, the founders of the startup will join the brokerage team. They will be engaged in a new type of activity for him. One of them will become the chief credit card manager. At the same time, he will report directly to the founder of Robingood — Tenev.

The deal is likely to be overstated in the third quarter of this year. Payment will be made immediately and in full.

According to the X1 website, the project was able to attract over $45 million in investments over the past year. Every month they make sales of $50 million.

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