Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced it will power X Money, the financial services platform built directly in the X app, as the social network advances its vision of becoming the everything app.
Cross River Bank provides the regulated banking infrastructure and payment rails for X Money.
X becomes the first social media platform in the U.S. to embed FDIC-insured, interest-bearing accounts, a Visa debit card, and P2P payments directly into its platform .
The service is initially available to Premium and Premium+ subscribers in the U.S. .
X Money includes a digital wallet, instant transfers, peer-to-peer payments, and a physical Visa debit card with 3% cashback and no ATM or foreign transaction fees .
Cross River’s API-driven banking core and full ownership of its technology stack enable seamless, scalable financial experiences for platforms like X.
The collaboration represents a new standard for embedded finance, allowing financial services to live within the platforms consumers already use daily.
Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced it will power X Money, the financial services platform built directly in the X app, as the social network advances its vision of becoming the everything app.
Through the collaboration with Cross River, X becomes the first social media platform in the United States to embed FDIC-insured, interest-bearing accounts, a Visa debit card, and broader payment capabilities directly into its platform . Cross River's regulated infrastructure and access to payment rails power the experience, giving X users faster, more flexible access to their money without ever leaving the app.
X Money is a payment platform and financial service that gives users access to instant transfers, a digital wallet, easy peer-to-peer payments, and more, all through the X app . To access X Money, users must be Premium or Premium+ subscribers based in the U.S. . Premium+ subscribers ($40/month or $395/year) are eligible for up to 6% APY, while Premium subscribers ($8/month or $84/year) can also access 6% APY by depositing an undisclosed amount .
An exclusive silver-colored metal Visa debit card is available, with the X logo on the front and the user's username alongside it . The card is accepted anywhere Visa payments are taken, with no ATM withdrawal fees and no foreign transaction fees . Eligible purchases get 3% cashback, with rewards accrued in the new Money section of the app .
With Cross River providing the banking backbone and X connecting users across the United States, the collaboration represents a new standard for money movement, combining compliance, speed, and scale in a way that meets the needs of today's digital-first consumers. By enabling seamless, in-app finance, this will unlock a future where financial services live within the platforms that consumers already use every day.
Cross River is known for its API-driven banking core, full ownership of the technology stack, regulatory expertise, and demonstrated ability to deliver responsible and scalable financial experiences for the world's most complex platforms. By owning its infrastructure end-to-end, Cross River eliminates the latency, fragility, and compliance gaps inherent in third-party systems, enabling it to handle the scale and speed that X's vast user base demands.
This collaboration is the culmination of Elon Musk's long-held vision to transform X into an "everything app" that integrates financial services . Musk previously founded X.com, an online financial services company that later merged to become PayPal, and has consistently expressed interest in incorporating payment technology into the platform . In late 2023, Musk told X employees, "If it involves money, it'll be on our platform. Money, securities, or whatever. So, it's not just like 'send $20 to my friend.' I'm talking about, like, you won't need a bank account" .
Cross River's infrastructure also has the ability to scale, making the company ready to support new financial products and features as user demand grows—without sacrificing speed or compliance. It's the latest proof point in Cross River's continued leadership in defining the next generation of embedded finance.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary, real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending, and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world's most essential fintech and technology companies. Member FDIC.
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