Fully Certified and Live In-Market Provider of EWA in the U.S.
XTM Inc., a Miami and Toronto-based Fintech creator of disruptive payment innovations and mobile solutions specifically geared towards service industries including hospitality, personal care and other service providers, announces its intent to acquire QRails Inc., a prepaid payments issuer-processor and one of the first vertically integrated provider of earned wage access (“EWA”) with operations currently in the United States and the UK, offices in Denver, Kansas City and London and which is incorporated under the laws of Delaware.
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“This is a big step in realizing the full potential of QRails and AnyDay”
Built on its own world class issuer-processor platform, QRails’ flagship product AnyDay™ is currently white labeled for some of the largest HR & Payroll Solution Providers in the world and is fully integrated to multiple payroll and time & attendance systems providing workers with real-time access to available wages. Some of the product features included in AnyDay are:
- Full suite of payment options including virtual and physical card, mobile wallet, card-to-card transfers
- White label opportunities for integration into existing apps using APIs and SDKs
- Perfect for Workforce Management (“WFM”), Time and Attendance, and Payroll partners to include as part of the overall solution
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As part of the acquisition, Cary Strange, XTM’s Chief Revenue Officer will be appointed President of QRails. Strange is an early investor in QRails and its former Chief Revenue Officer. QRails will run as a wholly owned subsidiary of XTM with staff and operational integrations phased in over time as revenue potential has achieved momentum. With a deep and experienced background in payments, and with first-hand knowledge of QRails’ clients, Strange has been assisting XTM with its evaluation and integration planning to be able to quickly scale QRails and XTM into the US and international markets.
“This is fortuitous for XTM,” said Marilyn Schaffer, CEO. “QRails brings XTM into the US market with live fully compliant EWA clients, new opportunities and increase to XTM’s already growing revenue, something our investors have been eagerly anticipating. And, it gives us a first mover advantage with EWA in Canada and the US, which is already fully certified and compliant.”
“This is a big step in realizing the full potential of QRails and AnyDay,” said Strange. “QRails’ vertically-integrated earned wage access solution, along with the state-of-the-art processing and issuing platform, will be accelerated into the market with the strength of XTM’s team and successful track record. I look forward to leveraging XTM’s experience and resources to fully realize the cross border potential of both companies.”
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