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X1 Card raises $12m in new funding

San Francisco based credit card startup that bases decisions on income raised $12m in new funding led by Spark Capital.

The startup believes the credit score system is outdated and doesn’t reflect your creditworthiness. That’s why it doesn’t use it to calculate limits. Your credit score still affects your variable APR (from 12.9% to 19.9%), but that’s it.

Tags

lending, payments, credit card