XTM Releases the Firm’s Annual Review for 2021

On December 22, XTM, a Canada-based Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company that provides mobile banking and payment solutions for the hospitality and personal care industries, announced a review of its business accomplishments in 2021. Throughout the year, the company saw an increase of Gross Dollar Value (GDV) through its platform by more than 600% over the last 11 months. GDV on the company's platform from October 2021 to mid-December 2021 was under $60 million compared to less than $40 million for the same period in Q3 from July 2021 to mid-September 2021, which represented an increase of more than 50%. GDV is a key performance indicator as the firm generates revenue when money is spent, moved or transferred from XTM’s Today wallet card.

In Q4 of 2021, the company has grown its member activations by 250% more than the same period a year ago. XTM signed new service industry verticals namely hotels that include a Hotel and Hotel X, golf courses and ski resorts. The firm saw its non-brokered private placement, which closed in October, oversubscribed and increased in size with gross proceeds of $8.5 million. This demonstrates that XTM is well funded for US expansion, organic growth and is poised for acquisitions.

XTM‘s Today wallet card program launched in the US continues to get clients, and queues are continuing to increase after the holidays. This month, the firm launched a cash-back program, which is currently in pilot with 1,500 Today members soon to be rolled out to all members. In July, the company acquired Tiproll, a software company, and is piloting its own fully POS integrated Tip Pooling solution in Q1 of 2022.

XTM was chosen by multiple stadiums and arenas across Ontario to pay out service staff efficiently and safely at the end of each event as concert ticket holders. Moreover, sports fans returned to arenas/stadiums this past summer. Besides that, the firm is completing its integration with RASI and will start the rollout early in Q1. RASI (Restaurants Accounting Services, Inc.) is one of the largest fully integrated end-to-end finance platforms for the hospitality sector using technology for Finance as a Service (FaaS), including the payroll in all 50 states. In addition, XTM increased its headcount, including hiring Jason Giagrande, the Head of Business Strategy in the US, and Paul Dowdall, the CFO, to support expected North American growth. Lastly, XTM’s b2b model acquired new clients and saw an increase of 230% growth more than Q4 of 2020.

Marilyn Schaffer, the CEO of XTM, stated: “This has been a year of tremendous growth for XTM. Growth as defined by revenue, gross dollar value load (GDV) to our platform, new clients represented by tens of thousands of new Today™ program members, a more robust and sophisticated engineering and finance team, and finally our launch into the US market. The XTM team is working throughout COVID leveraging our strengths in facilitating the service industry sectors that are in need of EWA (Earned Wage Access) due to enhanced pressure and to ensure a return to strong hospitality business fundamentals.”

Meeting the Need for a Cashless Society

The announcement comes at a time when the fintech firm is focusing on expanding its product offerings. Last month, the company partnered with Bancorp Bank to act as its issuing bank for back-end banking services and card issuing services targeting the hospitality and personal care services sectors. In May 2020, XTM leveraged the Interac Bulk eTransfer solution provided by RBC Royal Bank to help its business clients facilitate near real-time payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. The solution allows XTM customers and smartphone users to send funds in near real-time to any bank in Canada. While most of the major restaurant chains in Canada are using the platform, XTM is looking to extend its presence beyond restaurants to salons and other personal care businesses. Therefore, XTM's business growth certifies that mobile and internet payment volume is rising tremendously. From established technology giants, such as PayPal, Google and Amazon, to relative newcomers like Square, internet and mobile payment systems are transforming the face of modern commerce. Merchants and consumers have embraced cashless payment options, such as mobile wallets and mobile credit card readers.