XTB Introduces Retirement Accounts And Multi-Currency Card For Investors
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XTB, a Polish fintech company, is bringing out two fresh products as part of its plan for 2024, according to reports. The company is launching a virtual wallet with a card for many currencies and Individual Retirement Accounts (IKE) for customers in Poland.
The mobile wallet with the card has already been released in the Czech Republic and Portugal. It will soon be available in Poland in a few weeks.
The Wallet Grants Easy Access To Money And Simplifies Everyday Purchases
After this first launch, the wallet will be introduced in more countries gradually. It will support seven different currencies, including EUR, USD, CZK, GBP, PLN, RON, and HUF, with more to follow.
XTB’s Chief Executive Officer, Omar Arnaut, noted that the mobile wallet lets people quickly access their money and makes handling daily spending much easier. He added that both payments and investing can be done quickly using just one app.
The virtual card has safety features like two-factor authentication (2FA), the option to turn off the card for a short time, and spending limits that users can change through the XTB app.
The next product from XTB, IKE, is only for Poland but might have a big effect on the company’s earnings soon. IKE is a local account that helps people save for retirement and also comes with tax benefits. There are currently around 900,000 people using IKE in Poland, and XTB sees a chance to attract more savers to its services.
Arnaut stated that the company believes mixing its wide range of services with IKE’s benefits will increase interest in retirement saving. He also shared that users can now plan for the future with the help of the app.
XTB Aims To Become Europe’s Top Money Management App
The IKE accounts will be available first on the mobile application, with desktop access coming in 2025. These accounts will give investors access to all of XTB’s stock offerings, including both foreign and Polish markets. People will also be able to buy fractional shares, letting them invest in different stocks even with little amounts of money.
As XTB keeps adding new products, the company wants to become a leader in the fintech space. Arnaut said the firm aims to be Europe’s top app for managing money.
While CFDs are still its main business, XTB has grown a lot, according to Arnaut. In the first six months of 2024, around 80% of its clients’ first trades were in stocks, Investment Plans, and ETFs,
The H1 2024 report showed that XTB’s revenue increased to $938 million, with a net profit of $463 million. The company also gained 232,000 new customers, bringing the total to 1.11 million.
