X1 Card, the new credit card carrying the Visa Signature brand and created with 17g of stainless steel, has raised $12m investment after opening its waitlist in September 2020.

The funding round was led by Spark Capital.

Other investors include Affirm CEO and PayPal co-founder Max Levchin, Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, Y Combinator Continuity CEO Ali Rowghani, and Jared Leto.

Further, American Express former chief risk officer Ash Gupta is joining X1 in the role of an adviser.

The X1 Card’s waitlist is nearing 300,000 signups.

Built using laser etching technology, the X1 Card offers smart credit limits, a rewards programme, and automated features for shopping and spending.

The X1 Card, which uses proprietary technology, allows cardholders to cancel subscription payments in one click, get instant refund alerts, and invoices.

They can create auto-expiring virtual cards for one-time use, which can be used for ending free trials automatically.

The X1 Card offers 2x points for every $1 spent, 3x points for an annual spend of a minimum of $15,000, and 4x points for each referral.

X1 Card comes with five times higher limits than traditional cards. It has no annual fees, late fees, or foreign transaction fees.

In partnership with Visa Signature, the X1 Card can be used at 46 million merchants globally.

The points earned can be redeemed at Apple, Airbnb, Asos, Casper, Crate & Barrel, Glossier, Nike, Patagonia, Peloton, REI, Sephora, Supreme, Wayfair, and more.

X1 co-founder and CEO Deepak Rao said: “The reaction to X1’s unveiling and the waitlist was outstanding, and we cannot wait to bring this card to market and to the hundreds of thousands who have signed up for it.

“We are honoured to partner with Spark Capital and this phenomenal group of investors as we continue to build X1 and modernise the credit card industry.”