On June 22nd, Robinhood announced the official acquisition of fintech credit company X1, calling it “a significant step” for their deep relationship with current customers. The acquisition agreement is expected to be completed by the end of September.
X1 is a fintech credit startup company. In 2022, X1 announced having 500,000 people on their credit card waiting list. Over the past two years, this startup company has raised $62 million from venture capital firms. Notably, according to a report on July 18, 2022, X1’s monthly revenue is $50 million, with an expected annual revenue of $1 billion.
With this acquisition, Robinhood hopes to escape its current financial woes and expand into the banking sector. Notably, Fintech is Robinhood’s sixth acquisition in the past four years.
In 2019, the company acquired the daily financial newsletter MarketSnacks.
In 2021, Robinhood acquired the cryptocurrency trading platform Cove Markets, the recruitment firm Binc, and the stock trading platform Say.
Ahead of the cryptocurrency winter, Robinhood acquired the UK-based cryptocurrency asset company Ziglu in April 2022.