In a move to enhance its offerings, fintech XTM has entered an exclusive referral agreement with KOHO Financial to expand financial services for its over 100,000 AnyDay members.
The collaboration will allow members to access KOHO’s advanced financial tools, marking a notable enhancement to XTM’s daily tip payout and Earned Wage Access (EWA) services.
Through its AnyDay platform, XTM provides real-time tip and gratuity payments directly to employees, supported by a user-friendly mobile app and prepaid card. This latest agreement enables XTM to integrate its payment services into the KOHO app, delivering features such as interest-bearing accounts, unlimited e-Transfers, and credit-building tools to AnyDay users.
“This transformational agreement empowers XTM to focus on building value for hospitality businesses through our technology-rich SaaS platform,” said Jakob Ripshtein, CFO of XTM. “The transaction improves our bottom line, enabling us to launch EWA in Canada and provides our clients with a secure, real-time payout solution for employees.”
The partnership includes a revenue-sharing model and closing conditions, including a $5 million financing milestone for XTM within 30 days. By leveraging KOHO’s infrastructure, XTM will reduce banking, network, and customer service expenses, positioning the company to achieve cash-flow neutrality by mid-2025.
The phased rollout, targeted for completion by January 31, 2025, signals a strong growth trajectory for XTM as it capitalizes on its three-year market dominance in the hospitality sector and KOHO’s extensive financial ecosystem, benefiting employees and employers alike.
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