X1 Card raises $12 million for its credit card with limits based on your income

X1 Card is raising a $12 million funding round. The company is building a credit card that sets limits based on your current and future income, not your credit score.
Spark Capital is leading the round with Jared Leto, Aaron Levie, Jeremy Stoppelman, Max Levchin and Ali Rowghani also participating. American Express veteran Ash Gupta is also joining the company as an advisor — he was the Chief Risk Officer of American Express.
The company says that it has attracted nearly 300,000 signups on its waitlist. I covered X1 Card back in September and it attracted a lot of readers. So that number doesn’t surprise me.