Robinhood to Buy Credit Card Company X1 for $95 Million (1)

Robinhood Markets Inc. agreed to buy no-fee rewards credit card issuer X1 Inc. in a $95 million cash deal, according to a statement Thursday.

Robinhood expects the deal to close in the third quarter, according to the statement. X1’s co-founders, Deepak Rao and Siddharth Batra, will join the firm, with Rao as Robinhood’s general manager of credit cards.

The move comes as Robinhood seeks to branch into businesses beyond trading, after everyday investors’ enthusiasm for buying and selling stocks and cryptocurrencies waned following a pandemic boom. The Menlo Park, California-based brokerage has also expanded into retirement, debit cards and cash ...