Robinhood Buys , Credit Card Startup X1.br The financial services company made br the announcement on June 22.br It will pay $95 million cash br for the credit card startup.br It will pay $95 million cash br for the credit card startup.br X1 "offers an income-based credit card with rewards" and doesn't charge fees, TechCrunch reports.br Their system of offering credit based br on income as opposed to credit scores is gaining steam, as the model has been br adopted by others, such as Tomo Credit.br Since being established in 2020, X1 has raised $62 million in funding, which will likely result in a high valuation, according to TechCrunch.br Robinhood said that the acquisition br represents "an important step in our journey toward broadening our product offerings and deepening br our relationship with existing customers.".br X1's co-founders, Deepak Rao and Siddharth Batra, will continue to oversee operations.br Rao will also be the general manager br of credit cards, TechCrunch reports.