Polish fintech XTB has announced its product plans for 2024. These are very ambitious and indicate that the Poles want to compete with global players, by offering a virtual wallet and a multi-currency card. The upcoming innovations were very well received by investors.
Many indications point to 2024 being a breakthrough year for Polish fintech company XTB. Since its inception, the company focused on offerings for active investors. However, over time the company matured and gradually diversified its product offerings to include more passive solutions. According to data from KDPW, XTB now ranks as the second largest brokerage house in Poland in terms of the number of accounts.
Poles want to compete with the largest
It is worth noting that over the past few years changes have not only occurred in the company’s offering but also in its structure. The Technology and Product Department has notably developed dynamically and currently comprises over 430 specialists. They constitute close to half of the entire company’s workforce and it is there that the company’s proprietary technology is developed, which is later used on its proprietary investment platform.
Thanks to technological development, the coming months will be the biggest challenge in XTB’s history. The Poles have announced a series of new features to be rolled out on their platform. Some of them relate to its core business, such as investing, including the addition of bonds, retirement accounts, and implementing social features which allow users to track the movements of other investors. However, the biggest change will be the introduction of a virtual wallet with a multi-currency card.
“We have been consistently implementing our development strategy, which has allowed us to become one of the strongest brands among investors. However, we are now aiming much higher. We aspire to become the most popular All-In-One application in Europe for anyone wanting to manage their finances,” says Filip Kaczmarzyk, a board member of XTB.
The introduction of the virtual wallet is set to be one of the factors bringing XTB closer to achieving their goals. Initially, it will offer access to an account in eight currencies (EUR, USD, GBP, PLN, HUF, RON, BGN and CZK). Meanwhile, users will be able to make transactions in over 100 currencies using the multi-currency card. Thanks to real-time notifications, customers will have full control over their finances.
XTB Has an Ace Up Its Sleeve
A comprehensive offer is one of the positives of the Polish financial platform. However, the company points out that one thing sets them apart from the competition – they are profitable. Many fintechs operate for years thanks to subsequent financing rounds, while XTB has been able to successfully monetize its business.
“While competitors have a similar strategy, we stand out for our capital position,” says Filip Kaczmarzyk. “The distance from a firm, which incurs very high costs but attracts a huge number of customers, to the moment it begins to generate profit, is very large,” adds the XTB board member.
According to preliminary financial results, XTB clocked a record net profit of PLN 791.3 million in 2023. During this time, the Polish fintech acquired as many as 312,000 new clients, and currently, their services are being used by 936,000 clients worldwide.
