XTMIF - Are These Five Frontier Fintech Companies On Your Watchlist?
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By Ernest Dela Aglanu, Benzinga
Frontier fintechs are arapidly growing sector in the financial industry. These new players inthe industry offer innovative solutions to traditional financialservices, often using cutting-edge technology to provide fast,convenient and cost-effective financial solutions.
One of the keycharacteristics of frontier fintechs is their focus oncustomer-centricity. Unlike traditional financial institutions,fintech companies emphasize the needs of their customers and strive tooffer personalized solutions tailored to individual needs.
For some years now,companies such as XTM Inc. (OTCQB: XTMIF), FleetcorTechnologies Inc. (NYSE: FLT), Nuvei Corp. (NASDAQ: NVEI), EVO Payments Inc. (NASDAQ: EVOP), and SoFi TechnologiesInc. (NASDAQ: SOFI) are disrupting traditional financial serviceswith innovative technology and user-centric approaches. They arechanging the way people invest, pay, borrow, insure and manage theirfinances.
Due tothese benefits, the fintech industry is growing at an unprecedentedrate, and the impact of these frontier fintechs is being felt as theworld becomes increasingly digital. The global fintech technologiesmarket was valued at $110.57 billion in 2020 and is projected to reach $698.48 billionby 2030, growing at a compound annual growth rate (CAGR) of 20.3% from2021 to 2030.
Asmore people and companies shift towards digital payments, thecompetition in the frontier fintech industry is rapidly growing. Suchcompetitions are always good news for consumers, players, investorsand watchers of the industry.
A Look At Five FrontierFintechs
A Miamiand Toronto-based fintech innovator founded in the cloud-bankingspace, XTM seems to bestrategically leading the sector’s evolution as many expect to seemore exciting innovations from the industry.
Established as a leaderin on-demand pay with many large brands, including MarriottInternational Inc. (NASDAQ: MAR) hotels and Live NationEntertainment Inc. (NYSE: LYV), the company says it iscontinuously innovating to support businesses with its shiftscheduling and call-outs, staff management, expense management, in-apphealth and financial wellness; and gamified loyalty programs.
But how does XTM stackup against Fleetcor, Nuvei, EVO, and SoFi?
Fleetcor:
Fleetcor offers paymentsolutions that help businesses control, simplify, and secure paymentfor fuel, general payables, toll, and lodging expenses. The companysays it simplifies payments by automating, securing, digitizing, andcontrolling transactions for employees and suppliers.
Nuvei:
Nuvei is a Montreal-based payment technology company. Thecompany operates a platform that connects merchants with more than 470payment methods, including cryptocurrencies. Nuvei serves retail,gaming, hospitality, digital goods, and other industries.
EVOPayments:
EVOPayments is a payment technology company that supports various paymentchannels, such as in-person or online transactions. The company offersan integrated merchant acquirer and payment processor in over 50markets and 150 currencies worldwide. For the quarter that endedSeptember 30, 2022, EVO Payments reported revenue of $138.7 million.
SoFi:
SoFi is a finance company that provideslending and loan refinance, insurance services, wealth management,savings, and banking products. For 2022, SoFi recorded a net revenue of $1.6 billion.
The XTM Advantage:
Overall, XTM’s paymenttechnology platform’s uniqueness gives it a competitive advantageover some of its peers. As the company’s industry continues to grow,XTM’s payment solutions have the potential to become a force to bereckoned with. In comparative terms. The company’s real-time, safe,and efficient payment system, along with their Visa Inc. (NYSE:V) and Mastercard Inc. (NYSE: M.A.) card integration, couldhelp XTM become a market leader.
The company uses a cloud-based PCI-compliant architecture that allows for quick scale, multi-language and time-zoneusage. XTM provides a digital earnings platform for service workers– including hospitality andpersonal care workers – known as the Today Financial™ app.
The app,comprised of a mobile app and wallet paired with a Visa or Mastercarddebit card with banking features, is used by thousands of restaurants,salons and service staff across Canada and the U.S., and it enableshundreds of thousands of workers to access their earned wagesinstantly, giving them more control over their finances.
Furthermore, XTM’sapproach can also help businesses by significantly reducing payroll administration time and costs, which can be particularly helpful fororganizations that have multiple payment locations. The company’sservices can be a game changer in the hospitality industry, which hasunique payment challenges, such as inconsistent working hours and highcash utilization.
Partnership With Payfare
On March 3, XTM announced signing a deal with Payfare Inc. (TSE: PAY), a leading fintechpowering instant payout and digital banking solutions for the gigworkforce.
Throughthis partnership with Payfare, XTM said it will integrate intoPayfare’s embedded finance and open API platform for card issuance,digital banking and instant payments. XTM’s proven Earned WageAccess (EWA) solution will take advantage of Payfare’s relationshipsand significant economies of scale to quickly enter and expand itsoffering across the U.S. market.
According to the company, the integration is inprogress, and XTM expects to start the full rollout in Q2 2023. Itplans to migrate its current clients from its previous issuing bank,and all future banking and processing will be through Payfare.
This article wasoriginally published on Benzinga here .
XTM,www.xtminc.com, is a Miami and Toronto-based fintech innovator foundedin the cloud-banking space and further helping businesses inspiretheir workforce in the hospitality, personal care and servicesstaffing industries. Established as a leader in on-demand pay withmany leading brands including Earls, Maple Leaf Sports &Entertainment, Cactus Club, Marriott Hotels and Live Nation, XTMcontinues to innovate with further digital featurization to supportbusinesses to inspire workers to want to work more with shiftscheduling and call-outs, staff management, expense management, in-apphealth and financial wellness; and gamified loyalty programs.XTM's Today Financial™ is in use through POS and Payrollintegrations and directly through web-portals by thousands ofbusinesses and their workers across Canada and the UnitedStates.
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