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 then 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 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 can be done instantly in one app.”

The virtual card is equipped with advanced security measures. They include 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, it could significantly impact the fintech's revenue structure in the coming quarters. IKE is one of the local investment accounts that allow saving for retirement with tax benefits. Currently, IKE has about 900,000 participants in Poland. That 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. Desktop access is 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. This will allow 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 opened 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 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. 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. Moreover, 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.”