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XTB Announces Surpassing 1 Million Customers – With Middle East at the Forefront

Autor: Financial Market
Timp de citit: 2 minute

XTB, a global fintech offering an online investing platform and a mobile app, announced a new milestone as it now serves one million customers worldwide. This achievement comes in little over three years after XTB expanded its CFD offer with the addition of stocks and ETFs.

XTB experienced exponential growth as the number of customers doubled since the end of 2021. This reflects the global trend of making investing more accessible as people worldwide are looking to take greater control of their finances.

In 2023 alone, 312k new clients used the XTB app and digital platform to invest their funds in global financial markets.

Dynamic client base growth combined with increased volatility on global financial markets resulted in record breaking 2023 results – consolidated net profit amounted to EUR 175 mn and consolidated revenues reached EUR 351 mn.

As a well-capitalized and profitable fintech we’re best placed for further growth in terms of financial performance, customer base and product offering. We aim to become Europe’s leading investment app offering our clients a broad spectrum of user-friendly financial products to trade, invest and save.” said Omar Arnaout, CEO of XTB. “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.” added Arnaout.

XTB’s milestone achievement of serving one million customers globally within just over three years underscores our commitment to democratizing investing, particularly in the Middle East region.

As the fastest-growing market in terms of new client acquisition, we see immense potential in this region that will be further boosted by the additional developments planned for this year.

As we expand our offerings and enhance accessibility to financial markets, our focus remains on empowering individuals in the Middle East to take control of their financial futures. With a robust roadmap for 2024 we are poised for exponential growth in the Middle East market.” added Achraf Drid, CEO for the Middle East & North Africa regions at XTB.

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Newly-added enhancements and 2024 product roadmap
In the upcoming quarters, XTB plans to further expand its product portfolio and introduce services and solutions that are attractive for a broader client base.

This strategy is expected to accelerate the ongoing XTB’s transformation from a CFD broker towards a universal investment app.

Q2 2024 marks the planned addition of bonds as another asset class to XTB’s passive portfolio. The offer will include government and corporate bonds, issued by renowned global corporations with a relatively safe rating (from AAA to BBB-).

In the first half of the year, XTB plans to introduce Social. This new service, launched firstly in Poland, is aimed at enabling customers to follow the best investors at XTB but also their friends and family.

Social provides insights into their portfolio composition, risk appetite and current transaction thanks to receiving push notification following every trade.

As XTB sees growing potential in the long-term investing segment, in Q3 2024 it plans to launch a retirement product in Poland. The possibility of implementing similar programs will be probed in other markets, including the UK (ISA).

By the end of the year, XTB aims to introduce a product enabling customers to manage their finances on-the-go. An integrated virtual wallet with a multi-currency card will enable clients to make payments, transfers, exchange currency and invest.