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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Robinhood announced its agreement to acquire credit-card startup X1 on June 22, 2023, estimating that it would pay about $95 million in cash. The acquisition closed July 3, 2023. Robinhood later reported $104 million in acquisition-date consideration in a SEC filing—a different figure measured and reported at a later stage of the transaction.
What Robinhood agreed to buy
X1 was a U.S.-based company offering a no-fee credit card with rewards on purchases. Robinhood described the card at announcement as stainless steel and said it had no annual, late, or foreign-transaction fees. Those were product claims made in 2023, not confirmation of the card’s terms today.
Robinhood framed the acquisition as a way to expand beyond brokerage and give customers access to credit. In the announcement, CEO and co-founder Vlad Tenev said the deal would bring Robinhood closer to serving customers’ broader financial needs. X1 CEO and co-founder Deepak Rao said the companies shared a focus on improving the customer experience.
Why the announcement said $95 million—and the filing said $104 million
The two amounts refer to different stages and descriptions of the deal, so they should not be treated as competing final prices. In its June 22, 2023 announcement, Robinhood said it expected final merger consideration of approximately $95 million in cash, subject to customary closing adjustments and conditions.
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#1 Best Overall
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Robinhood’s Q3 2023 Form 10-Q later reported $104 million as the acquisition-date fair value of consideration transferred, paid entirely in cash. The filing also called the purchase-price allocation preliminary and said it could be revised as the company completed its analyses and tax matters during the measurement period. The $95 million figure is the announcement-stage estimate; $104 million is the later reported acquisition-date amount.
When the acquisition closed
Robinhood’s announcement initially said it expected the deal to close in the third quarter of 2023. The announcement page was updated to record that the acquisition closed on July 3, 2023. The SEC filing likewise says Robinhood acquired all outstanding equity of X1 on that date.
Rank #2
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How the card program was structured in 2023
Robinhood’s SEC filing describes a division of responsibilities between Coastal Community Bank and Robinhood Credit. The arrangement below is the one reported in 2023; it should not be read as a statement of current card terms or responsibilities.
| Role | 2023 arrangement reported by Robinhood |
|---|---|
| Coastal Community Bank | Originated and owned customers’ principal balances, funded customer credit, and held the receivables. |
| Robinhood Credit | Administered the program in its mobile app, set credit limits within the bank’s underwriting standards, serviced loans, remitted collected principal, and maintained the rewards program. |
The filing also describes arrangements for interest and interchange revenue. It does not establish that the program’s operating details remain the same now.
Rank #3
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What happened to X1’s name
Robinhood’s full-year 2023 results release identified Robinhood Credit as its credit-card business and referred to X1 as “now ‘Robinhood Credit.’” That documents the business’s integration and name change at the time. The release does not establish whether an X1-branded card is currently available to apply for, or what current card terms may be.
Quick Recap
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
