The funding was led by FPV Ventures, the new venture firm from Wesley Chan, who founded Google Analytics and wrote the first cheques into Robinhood and Plaid. Craft Ventures, Spark Capital, Harrison Metal, SV Angel, Abstract Ventures, the Chainsmokers and Global Founders Capital participated.

The stainless steel X1 Card uses current and future income instead of credit scores to set smart credit limits.

The startup’s proprietary technology also lets cardholders cancel subscription payments in one click, end free trials automatically with auto-expiring virtual credit cards, get instant notifications on refunds, attach receipts to purchases, and create virtual cards for one-time use.

In beta since October, will applications for the card will open in the next few weeks to its 500,000-person waitlist and the general public.

"The credit card industry has long been overdue for disruption, so we set out to build the world’s smartest credit card for a new generation of digital natives like ourselves," says Deepak Rao, co-founder, X1. "We’ve modernised the entire credit card experience, from limits to rewards to smart tech-driven features, and created a product that consumers truly love."