XTB Surpasses One Million Customer Milestone amidst Fintech Expansion

XTB, a global fintech firm known for its online investing platform and mobile app, has announced a notable milestone, reaching a customer base of one million worldwide.

Strategic Expansion Yields Doubling Clientele

This has followed a strategic expansion by XTB into the realm of Contracts for Difference (CFD), stocks, and Exchange-Traded Funds a little over three years ago. The company has experienced growth, with its clientele doubling since the close of 2021. This surge is indicative of a broader global trend where individuals are increasingly seeking to manage their financial portfolios autonomously.

In 2023, XTB saw an influx of 312,000 new clients utilizing its app and digital platform to participate in global financial markets. The company’s robust performance throughout the year culminated in record-breaking results, with consolidated net profits totaling EUR 175 million and revenues reaching EUR 351 million.

Introduction of Bonds and Social Investment Tracking

Looking ahead, XTB has outlined plans to expand its product offerings and introduce services catering to a wider audience. With the aim of evolving from a CFD broker to a comprehensive investment app, the company is set to introduce bonds as a new asset class in its passive portfolio during Q2 2024. These bonds will encompass government and corporate bonds issued by reputable global corporations with strong credit ratings.

Furthermore, XTB is set to launch ‘Social’, a new service designed to allow customers to track and follow the investment strategies of both expert traders within the platform and their personal connections. Initially launched in Poland, Social will provide users with insights into portfolio composition, risk appetite, and real-time transactions through push notifications.

Recognizing the growing potential in long-term investing, XTB plans to introduce a retirement product in Poland during Q3 2024, with potential expansion into other markets such as the UK, including the Individual Savings Account program. By the year’s end, XTB aims to unveil a product that enables customers to manage their finances seamlessly on the go. This offering will feature an integrated virtual wallet coupled with a multi-currency card, empowering clients to make payments, transfers, currency exchanges, and investments with ease.

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Omar Arnaout, the CEO of XTB, said: “With all the products that are in our roadmap for this year, doubling the current number of clients is just a matter of time. In 2024, as we plan to add bonds, retirement products and an e-wallet with a multi-currency card, we plan to welcome 65-90k new clients per quarter.”

Source: tradingview.com

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