XTB UK targets growth by entering the £400bn ISA market, aiming to increase revenue and customer base. Read The News.
XTB UK targets growth by entering the £400bn ISA market, aiming to increase revenue and customer base. Read The News.
In 2023, XTB UK witnessed significant growth in the ISA market, marked by a 21% increase in revenue and a 100% rise in net profit. This impressive performance is consistent with the positive preliminary results of the publicly listed fintech group, announced at the end of January.
According to a report disclosed by Finance Magnates this week, XTB Limited (XTB UK) achieved a revenue of £4.7 million, marking a significant increase from the £3.9 million reported in 2022. Various factors, including increased market volatility and the introduction of new investment products like real stocks and ETFs, drove the surge in revenue.
Despite facing higher administrative costs, XTB UK managed to achieve an operating profit of £178,527, representing a notable 27% increase compared to the previous year. Moreover, the company reported a net profit of £237,111, which is double the figure from the preceding year. The total value of assets held by the company also surpassed £9 million.
XTB’s decision to expand its operations into the UK’s Individual Savings Accounts (ISAs) market further underscores its ambitious growth strategy. With the UK ISA market valued at £400 billion, XTB aims to capitalize on this lucrative opportunity to attract new customers and boost its revenues. CEO Omar Arnaout expressed the company’s intent to compete in this competitive market segment during an earnings conference in January.
Joshua Raymond, CEO of XTB UK, reiterated the significance of entering the ISA market, highlighting the vast potential it offers in terms of customer acquisition. With nearly 12 million ISA subscriptions recorded annually in the UK, XTB sees this as a pivotal move that could redefine its market position and drive substantial growth.
XTB UK’s potential entry into the ISA market signifies a strategic pivot that could propel the company to new heights, expanding its customer base and consolidating its position as a leading player in the fintech industry.
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