X1 Credit Card - The Story Behind Thrive Cash

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

Deepak Chopra: X1 has done extraordinarily well since the launch in 2021. The company was started as Thrive Cash, an unsecured personal loan that was catered to its college students. We were basically underwriting students through an awful letter for an upcoming internship or a full-time job. And then as you start getting paid from that internship or full- time job, you could pay us back. That was the crux behind the idea.

Todd Jackson is back on the mic to guest host another product-market fit focused episode this week. He chats with Deepak Rao, co-founder and CEO of X1, a consumer fintech startup that’s building a credit card for a new generation.

Just last week, X1 announced a $15 million funding round. But we’re here to rewind the clock and unpack how the startup got to this point. As you’ll hear in today’s conversation, the path required a dramatic pivot. Here’s a preview of what Deepak shares:

The emotional journey of how the pandemic forced them to abandon the initial idea for a personal loan product.
How the team validated demand for the new idea by focusing on the launch announcement and getting all of the branding exactly right — before building anything.
The launch strategy that crashed X1’s website and built up a 600K long waitlist. .
Why finding product-market fit is different for consumer companies, plus advice on fundraising in tough times.

Whether you’re in the early innings of starting a company, going through a tough pivot yourself, or planning out your product’s launch there are tons of helpful tactics here.

You can follow Deepak on Twitter at @drao1. You can email us questions directly at review@firstround.com or follow us on Twitter @firstround and @tjack.