XTB becomes the third-largest broker in the Polish market after reaching 200,000 clients

Last month, in November 2023, the publicly listed fintech firm XTB officially reached and then surpassed the 200,000 clients milestone. In doing so, the company became the third-largest brokerage on the Polish stock exchange.

XTB is now the third-largest Polish brokerage

The Poland-based firm reached 200,000 open accounts, meaning that one in four of its 847,000 total accounts on the global scale belongs to clients from the largest Central and Eastern Europe (CEE) economy.

The milestone was first reported on Friday, December 8, only to be confirmed a few days later, on Monday. The confirmation came from the National Depository for Securities, whose data confirmed the company’s success.

The firm saw the arrival of around 14,000 new clients in November alone, which is another significant achievement. It marks a major increase of 74,000 clients this year compared to the situation in 2022. In other words, XTB saw a rapid accumulation of retail traders, which quickly brought the attention of the public to it.

The firm is now the third-largest brokerage house in the country, just after BM Pekao, which leads by only 4,000 accounts. This means that the rise of XTB’s user base if it continues, might eventually lead it to the second spot. However, it is also worth noting that the company gained new clients the most dynamically.

According to the available figures, 79% of all new accounts opened in Poland during the month of November were on XTB’s platform. Last year, the figure was significantly lower — only 68%.

XTB’s CEO, Omar Arnaout, commented on his company’s achievements by saying that XTB has products for both active investors and those who prefer passive strategies. As such, the company has something for everyone, which is why it attracts clients of all types.

XTB share hits a 4-month high following the news

With the news out, the market responded quickly, and XTB saw its shares, listed on the Warsaw Stock Exchange, spike up by 7% in only two days. This took them to the highest point since mid-August of this year, ensuring that the share claims a four-month high.

Furthermore, at the end of last month, XTB announced that it is entering the AI sector with the launch of its new artificial intelligence department. The department’s team is led by Tomasz Gawron, and it is responsible for creating new solutions that would support the company’s trading platforms and business operations.

But, in addition to offering new passive products, AI solutions will also help maintain the platform’s high momentum in client acquisition and even boost its revenue. This will be quite helpful since the firm saw a 29% drop in revenue during Q3 2023, due to high volatility.

Arnaout concluded by saying that the firm’s main goal is to ensure that its investment app can offer the widest possible range of products available to investors, coupled with the highest possible technology levels.