XTB, the
Polish publicly listed fintech company (WSE: XTB), is launching two new products as part of its 2024 expansion strategy, Finance Magnates learned exclusively. The company will introduce a virtual wallet with a multi-currency card today (Wednesday) and Individual Retirement Accounts (IKE) for
Polish investors.

XTB Expands Product Lineup
with E-Wallet and Multi-Currency Card

The mobile
wallet with a multi-currency card, another new product in XTB’s lineup this
year, has already launched in Portugal and the Czech Republic. It is expected
to be available in Poland within the next few weeks.

As Finance
Magnates learned, after the initial debut, additional markets will be
gradually implemented. The wallet will support seven currencies: EUR, USD, GBP,
PLN, HUF, RON, and CZK, with more to come in the future.

“XTB’s
mobile wallet provides investors with instant access to their funds and makes
managing daily finances effortlessly,” Omar Arnaut, the CEO of XTB commented
for Finance Magnates. “Putting one’s money to work has been made
significantly easier, as now both investing, and payments can be done instantly
in one app.”

The virtual
card is equipped with advanced security measures, such
as two-factor authentication (2FA), adjustable spending limits that users
can modify instantly via the XTB app, and the option to disable the card temporarily.

Retirement Accounts in
Poland

Although XTB’s next product, IKE, pertains only to the Polish market, but it could significantly impact the fintech’s revenue structure in the coming quarters. IKE is one of the local investment accounts that allows saving
for retirement with tax benefits. Currently, IKE has about 900,000 participants
in Poland, which presents an opportunity to attract more passive savers to the
company’s offerings.

“We’re
confident that combining our diverse offering with IKE benefits will
significantly boost interest in retirement investing. It’s a crucial topic
affecting us all, and I’m pleased that users can now plan their financial
future using our app,” added Arnaut.

XTB’s IKE
accounts will initially be available only through the mobile app, with desktop
access planned for 2025. The accounts will offer access to XTB’s full range of
stock offerings, including both Polish and foreign markets. Importantly,
investors will be able to utilize fractional shares within their IKE accounts,
allowing for portfolio diversification even with small investment amounts.

Clients in
the UK are also waiting for savings and retirement products. In May, XTB
obtained an ISA license, which opens its way to a market worth £400
billion.

All-in-One Investment App

As XTB
continues to expand its product range, the company aims to compete in the
broader fintech space. Arnaout insists that XTB is carving its own path,
focusing on becoming “Europe’s number one universal app for financial
management.”

“We
are now a full-fledged fintech . While CFDs remain our core business, XTB has
significantly evolved. In the first half of 2024, about 80% of our clients’
initial transactions involved stocks, ETFs, and Investment Plans,” XTB’s CEO
commented.

This was
evident in the report for H1 2024, where
revenues jumped to $938 million, and net profit amounted to $463 million.
Additionally, the broker added 232,000 new clients, bringing their total
customer base to 1.11 million.

“We have
delivered this
year’s product pipeline and are making good progress towards becoming
Europe’s number one investment super-app,” added Arnaut. “Our broad product
offering supported by the partnership with
our new brand ambassador Zlatan Ibrahimovic will surely elevate our brand
to a completely another level.”