Deepak Rao on how X1 pivoted, launched, built a +600K-long waitlist and fundraised in tough times

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.