XTM, a Miami and Toronto-based Fintech creator of disruptive payment innovations is pleased to announce that it has approval of a financing, totaling up to USD $90,000,000 with access to up to $30,000,000 for the initial funding and options to request $20,000,000 and thereafter increments of $25,000,000 as the requirements for Earned Wage Access. Concurrent and before the initial draw of the debt facility, the Company will close an additional $5M USD of convertible debentures as is a condition of the loan funding.
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“We are bullish about our opportunity, with more than 200 million people in the US likely to access their earned wages mid-pay cycle due to personal financial short falls, combined with our access to this market through signed contracts”
With the recent closing of the Qrails acquisition, the Company has been focused on boarding the backlog of signed deals onto the Qrails AnyDay™ EWA platform. To date, the Company has been using internal dollars to fund the EWA advances. Now with several Fortune 100 clients in or nearing implementation phase, a large debt facility was required to support the imminent growth needs. As the AnyDay™ EWA solution continues to see penetration rates of existing clients increase month over month, it is difficult to determine how many users the full USD $90M debt facility will support however, the Company anticipates it should take us well into 2024.
“We are bullish about our opportunity, with more than 200 million people in the US likely to access their earned wages mid-pay cycle due to personal financial short falls, combined with our access to this market through signed contracts,” said Marilyn Schaffer, CEO, XTM. “Pay day loans are no longer the go-to life-emergency option now, with our fully SAP certified AnyDay™ solution already in action and poised to scale to enable millions of workers access to their earnings in seconds.”
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XTM is a Miami and Toronto-based fintech innovator founded in the cloud-banking space and further helping businesses inspire their workforce in the hospitality, personal care and services staffing industries. Established as a leader in on-demand pay with many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation, XTM continues to innovate with further digital featurization to support businesses to inspire workers to want to work more with shift scheduling and call-outs, staff management, expense management, in-app health and financial wellness; and gamified loyalty programs. XTM’s Today Financial™ is in use through POS and Payroll integrations and directly through web portals by thousands of businesses and their workers across Canada and the United States.
QRails, a fully owned subsidiary of XTM, is a cloud-based, API-driven issuer-processor enabling payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees. QRails helps companies modernize and leverage payroll as a differentiator in attracting and retaining talent all at low to no cost for the employee and employer. QRails’ flagship solution, AnyDay, is the first provider to own their full tech stack that powers their Earned Wage Access solution.
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