XTB, the
Polish publicly listed fintech firm (WSE: XTB), is launching two new merchandise as a part of its 2024 growth technique, Finance Magnates realized solely. The corporate will introduce a digital pockets with a multi-currency card as we speak (Wednesday) and Particular person Retirement Accounts (IKE) for
Polish buyers.
XTB Expands Product Lineup
with E-Pockets and Multi-Foreign money Card
The cell
pockets with a multi-currency card, one other new product in XTB’s lineup this
yr, has already launched in Portugal and the Czech Republic. It’s anticipated
to be obtainable in Poland throughout the subsequent few weeks.
As Finance
Magnates realized, after the preliminary debut, extra markets will probably be
progressively applied. The pockets will help seven currencies: EUR, USD, GBP,
PLN, HUF, RON, and CZK, with extra to return sooner or later.
“XTB’s
cell pockets supplies buyers with instantaneous entry to their funds and makes
managing every day funds effortlessly,” Omar Arnaut, the CEO of XTB commented
for Finance Magnates. “Placing one’s cash to work has been made
considerably simpler, as now each investing, and funds may be accomplished immediately
in a single app.”
The digital
card is supplied with superior safety measures, such
as two-factor authentication (2FA), adjustable spending limits that customers
can modify immediately through the XTB app, and the choice to disable the cardboard briefly.
Retirement Accounts in
Poland
Though XTB’s subsequent product, IKE, pertains solely to the Polish market, however it might considerably impression the fintech’s income construction within the coming quarters. IKE is among the native funding accounts that permits saving
for retirement with tax advantages. Presently, IKE has about 900,000 contributors
in Poland, which presents a chance to draw extra passive savers to the
firm’s choices.
“We’re
assured that combining our various providing with IKE advantages will
considerably enhance curiosity in retirement investing. It is a essential matter
affecting us all, and I am happy that customers can now plan their monetary
future utilizing our app,” added Arnaut.
XTB’s IKE
accounts will initially be obtainable solely via the cell app, with desktop
entry deliberate for 2025. The accounts will provide entry to XTB’s full vary of
inventory choices, together with each Polish and international markets. Importantly,
buyers will have the ability to make the most of fractional shares inside their IKE accounts,
permitting for portfolio diversification even with small funding quantities.
Purchasers in
the UK are additionally ready for financial savings and retirement merchandise. In Could, XTB
obtained an ISA license, which opens its approach to a market value £400
billion.
All-in-One Funding App
As XTB
continues to increase its product vary, the corporate goals to compete within the
broader fintech area. Arnaout insists that XTB is carving its personal path,
specializing in turning into “Europe’s primary common app for monetary
administration.”
“We
are actually a full-fledged fintech. Whereas CFDs stay our core enterprise, XTB has
considerably advanced. Within the first half of 2024, about 80% of our shoppers’
preliminary transactions concerned shares, ETFs, and Funding Plans,” XTB’s CEO
commented.
This was
evident within the report for H1 2024, the place
revenues jumped to $938 million, and web revenue amounted to $463 million.
Moreover, the dealer added 232,000 new shoppers, bringing their whole
buyer base to 1.11 million.
“We’ve got
delivered this
yr’s product pipeline and are making good progress in the direction of turning into
Europe’s primary funding super-app,” added Arnaut. “Our broad product
providing supported by the partnership with
our new model ambassador Zlatan Ibrahimovic will certainly elevate our model
to a very one other stage.”
This text was written by Damian Chmiel at www.financemagnates.com.
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