XTM Announces Approval of USD $90 Million Debt Facility
The USD $90 Million Debt Facility Will Provide the Company With Funding to Accelerate Earned Wage Access Growth, Unlocking a Vast Pipeline of Signed Deals With Thousands of Fortune 100 Employees
XTM Inc. (CSE: PAID) (OTCQB: XTMIF) (FSE: 7XT), a Miami and Toronto-based Fintech creator of disruptive payment innovations announced the approval of a USD $90 million debt facility financing. XTM will have access to up to $30 million in initial funding, with options to request $20 million, followed by increments of $25 million as required by the company for Earned Wage Access (EWA). Concurrent and before the initial draw of the debt facility, the company will close an additional USD $5 million of convertible debentures per conditions of the loan funding.
Commenting on the announcement, Marilyn Schaffer, CEO of XTM, stated:
“We are bullish about our opportunity, with more than 200 million people in the U.S. likely to access their earned wages mid-pay cycle due to personal financial shortfalls, combined with our access to this market through signed contracts. Payday loans are no longer the go-to life-emergency option now, with our fully SAP-certified AnyDay™ solution already in action and poised to scale to enable millions of workers access to their earnings in seconds.”
Also Read: XTM Closes Transformational Acquisition of World-Class Earned Wage Access Company QRails
With the recent closing of the QRails acquisition, XTM has been focused on boarding the backlog of signed deals onto the QRails AnyDay™ EWA platform. To date, the company has been using internal dollars to fund the EWA advances.
With several Fortune 100 clients in or nearing the implementation phase, a large debt facility was required to support the company’s imminent growth needs. As the AnyDay™ 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 $90 million debt facility will support, however, XTM anticipates it should take the company well into 2024.
Shares of XTM last traded at $0.13 per share. YTD, PAID stock is up +18.18%.
Join the Discussion in the Wealthy VC Investor Group
Have a Stock Tip or New Story Suggestion? Email us at Invest@WealthyVC.com
XTM Inc. (CSE: PAID) is a paid client of Wealthy VC.
This report/release/profile is a commercial advertisement and is for general information purposes only. We are engaged in the business of marketing and advertising companies for monetary compensation unless otherwise stated below.
