Credit Card Startup Poach Apple Card's Head, Former Barclays Veteran For Key Leadership Roles

  • X1 Card appointed former Apple Inc AAPL Abhi Pabba as the CRO and former Barclays PLC BCS Kieran Brady as the CFO.
  • With an X1 Card transaction happening every 5 seconds, the card has a projected annualized spend of $1 billion for 2022. 
  • It is open to the general public today, making it available to its 600,000-person application waitlist and beyond.
  • Also Read: Payment Firms Square, PayPal Get Widely Different Views In Eyes Of Wall Street Amid BNPL Woes, Juicy Margins
  • Pabba was the head of credit at Apple Card, who helped it rapidly grow its business and bring innovations in credit strategies. While at Capital One, Pabba was an analyst heading the credit function for the $3 billion credit card authorization program.
  • Brady was most recently the CFO at Newport Group. Before then, Brady was the MD at Barclays Capital.
  • In the past few years, there have been a string of exits from Goldman Sachs Group, Inc's GS consumer business, which handles the lending and issuing parts of Apple Card, CNBC reports.
  • Apple also is expanding into offering credit to its customers through a feature called Apple Pay Later. Apple is handling some of its own credit decisions for its buy now, pay later product.
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