Robinhood to acquire X1 for $95M in cash

Robinhood Markets has entered into an agreement to acquire San Francisco-based X1 Inc, a platform that offers a no-fee credit card with rewards on each purchase. Robinhood said: “This marks an important step in our journey towards broadening our product offerings and deepening our relationship with existing customers… We’re also bringing the X1 team onboard to Robinhood. X1’s co-founders Deepak Rao and Siddharth Batra will oversee this new business for the company, with Rao serving as GM of Credit Cards. He will report to Robinhood CEO and Co-Founder Vlad Tenev.” Robinhood expects the final merger consideration to be approximately $95M in cash, subject to customary closing adjustments and conditions. The acquisition is expected to close in Q3 2023. J.P. Morgan Securities, LLC served as exclusive financial advisor to Robinhood.