XTB announces 2023 preliminary financial results and unveils its product roadmap

Autor: Financial Market
2 min

XTB, a global fintech offering an online investing platform and a mobile app, announced 2023 preliminary financial results. Another year of dynamic client base growth combined with an increased volatility on global financial markets resulted in record breaking consolidated net profit of EUR 175 mn and consolidated revenues of EUR 351 mn.

2023 was a record-breaking year also in terms of client acquisition as well as their increased investment activity.

At the end of 2023, the number of clients reached 897k and by January 29, 2024 another 38.1k clients set up their investment accounts with XTB.

Moreover, the number of active clients increased by 51% to 408.5k at the end of 2023.

2023 is a statement that XTB is on the right path to achieve stable and replicable results – not only in terms of financial performance but also at the operational level.

Thanks to intense marketing campaigns and continuous development of our product offerings our app is becoming a first choice solution for everyone who wants to manage their savings both actively or passively″ said Omar Arnaout, CEO of XTB.

Following the recent addition of ETF-based investment plans and the launch of interest rates on uninvested funds, XTB plans to further grow its investment offerings by expanding passive investment segments and adding products 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.

2024 product roadmap

In Q2 2024, XTB plans to expand its passive investment offer with the addition of another asset class – bonds. These will include bonds issued by governments (including the USA, UK, Germany and Poland) and corporate bonds, issued by renowned global enterprises or those having a relatively safe rating (from AAA to BBB-).

Q2 will also mark the planned launch of Social Trading. This new functionality is aimed at supporting investors in making calculated investment decisions by following the activity of some of XTB’s most successful investors.

As the company sees a growing potential in the long-term investing segment, in Q3 2024 it plans to launch a product addressing the needs of its Polish clients – namely IKE and IKZE accounts.

Considering XTB’s attractive offer with no commission for transactions involving stocks and ETFs up to 100,000 euros per month, this is expected to support the company’s goal of attracting new client groups.

Similarly to the Polish market, the possibility of implementing similar programs will be probed in other markets, including the UK.

By the end of the year, XTB aims to introduce a product that will add value beyond investing. An integrated virtual wallet with a multi-currency card will enable clients to make payments, transfers, exchange currency and invest. Active investors will benefit from the ability to freely transfer funds between all their XTB accounts.