News Payfare deal
XTM Inc. Signs Deal With Payfare to Roll Out Its Today Financial(TM) Program With Earned Wage Access Across the US
2023-03-03 08:00 ET - News Release
Company Website: https://xtminc.com
MIAMI & TORONTO -- (Business Wire)
XTM Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based fintech creator of disruptive payment innovations and staff management solutions to inspire today’s workers in the hospitality, personal care and service space announced the signing of a deal with Payfare Inc. (“Payfare”) (TSX:PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce.
Through this partnership with Payfare, XTM will integrate to Payfare’s embedded finance and open API platform for card issuance, digital banking and instant payments. XTM’s proven Earned Wage Access (“EWA”) solution will take advantage of Payfare’s relationships and significant economies of scale to be able to quickly enter and expand its offering across the US market. The integration is in progress and XTM expects to start the full rollout in Q2 2023.
XTM will migrate its current clients from its previous issuing bank and all future banking and processing will be through Payfare.
“We are confident that the singular advantage we gain through Payfare’s exponential success and their solid banking and processing relationships is a game changer for XTM’s growth in the US market,” said Marilyn Schaffer , CEO of XTM. “Payfare’s economies of scale will bring our foundational work to its full potential, resulting in accelerating our rollout and quickening our path to profitability.”