XTM arranges up to $90M (U.S.) debt facility 2023-09-28 11:02 ET - News Release
Ms. Marilyn Schaffer reports
XTM SECURES UP TO USD $90M DEBT FACILITY TO FUND EARNED WAGE ACCESS GROWTH
XTM Inc. has received approval of a financing totalling up to $90-million (U.S.), with access to up to $30-million for the initial financing, and options to request $20-million and thereafter increments of $25-million, as the requirements for earned wage access. Concurrent and before the initial draw of the debt facility, the company will close an additional $5-million (U.S.) of convertible debentures, as is a condition of the loan financing.
With the recent closing of the Qrails acquisition, the Company has been focused on boarding the backlog of signed deals onto the Qrails AnyDay(TM) 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(TM) 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(TM) solution already in action and poised to scale to enable millions of workers access to their earnings in seconds."
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