Credit Cards

XTM LAUNCHES VERT VISA CREDIT CARD

  • Last Updated:
  • Dec 20th, 2020 12:18 am
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[OP]
Jr. Member
Feb 3, 2010
142 posts
65 upvotes

XTM LAUNCHES VERT VISA CREDIT CARD



TORONTO, November 20, 2020 – XTM, Inc. (“XTM” or the “Company”) (CSE:PAID) (FSE:7XT), a Toronto-based Fintech company in the challenger banking space, providing mobile banking and payment solutions around the world is pleased to announce the launch of its unsecured Visa credit card program and offering called the Vert Card.

 

This first of its kind program uses an intuitive mobile app to collect customer data and within seconds, using artificial intelligence and digital banking, grants credit approval without using credit score or previous credit history.  It is estimated that over 22% of the North American population is considered “credit risk” when measured by their credit score. 



The Vert Visa program allows younger adults to establish credit and anyone the ability to re-establish or repair their credit.  Approved users will be granted credit limits from $250-$500 without security deposit and will have the ability gain more credit over time with good payment history.  The credit limit and good payment history will be reported to Equifax and TransUnion and users can expect a Beacon Score increase within days of approval.  The app will also display credit score in real time and provide credit building tips to increase their score such as paying down credit and making payments on time every month.



Interested individuals can join the full launch waitlist at www.myvertcard.com.  XTM is in discussions with lending organizations that will provide the underlying credit facilities to the Company providing a fast rollout. XTM is also engaged with organizations looking to private label the solution and market to their clients including lenders, mortgage brokers and bankruptcy trustees. 



“Given our current economic environment and the growing user-base that XTM has in place, this credit product is the next on-demand, well-placed offering in our portfolio,” commented Marilyn Schaffer, CEO.   “We leveraged much of our existing Today Card mobile app and back-end technology to make this happen and based on our initial demand for the product, we believe myvertcard.com will drive significant revenue for XTM in 2021.”



About XTM Inc.

XTM, www.xtminc.com is a Toronto-based fintech innovator in the challenger banking space helping business and workers alike expedite earnings payout and reduce or eliminate banking fees.   We are a global card issuer and payment specialist providing free technology to business to automate and expedite worker payouts that can eliminate cash.  XTM integrates businesses to a payment ecosystem that is coupled with a free mobile app and Mastercard debit card with free banking features. XTM drives enterprise value and creates a positive user experience.



For more information, please visit www.xtminc.com 

finance@xtminc.com

416-260-1641

Has anyone heard more about this new type of card?


https://www.xtminc.com/vertcard
Last edited by illusionoffire on Dec 14th, 2020 11:34 am, edited 1 time in total.
10 replies
Sr. Member
May 26, 2009
539 posts
706 upvotes
Calgary
This first of its kind program uses an intuitive mobile app to collect customer data and within seconds, using artificial intelligence and digital banking, grants credit approval without using credit score or previous credit history.
This is interesting. I'm really curious how they grant credit based on AI & digital banking without checking your credit history. I'm guessing they interrogate your banking transactions to see that you have a reasonable history on your chequing account. I am concerned about the data privacy issues that could come with this, especially if they retain this access beyond the initial application.

But if they report to Equifax and Transunion without actually giving you a hard hit on application, this is ideal for those trying to build credit. This is the opposite of Neo, which gives you a hard hit on application, but does not report balance & payment to the credit agencies. If the privacy policy is reasonable, I will probably recommend this to my nephew, as an easy way to build credit without getting a secured card.
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Aug 24, 2016
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Doesn’t look like there is any type of rewards, so that’s their way of making money I guess, keeping 100% of the interchange.
Still seems like a good option for someone looking to build/rebuild their credit.
Better than Capital One who wants $59 or $79 for the same thing.
Deal Fanatic
Dec 11, 2003
8195 posts
573 upvotes
I guess part of the AI looks like this:

App installed on iPhone 12 MAX PRO PLUS on Rogers? INSTANTLY APPROVED

App installed on crapo Android phone with data disabled on Petro Mobile/Chatr/Public Mobile? INSTANTLY DENIED.
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[OP]
Jr. Member
Feb 3, 2010
142 posts
65 upvotes
Kiraly wrote: Anyone else expecting a vertical design on the card, based on its name?
It does look like it is a vertical card.
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Deal Fanatic
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Aug 24, 2016
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elty wrote: I guess part of the AI looks like this:

App installed on iPhone 12 MAX PRO PLUS on Rogers? INSTANTLY APPROVED

App installed on crapo Android phone with data disabled on Petro Mobile/Chatr/Public Mobile? INSTANTLY DENIED.
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[OP]
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Feb 3, 2010
142 posts
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TORONTO, December 14, 2020 – XTM, Inc. (“XTM” or the “Company”) (CSE:PAID) (FSE:7XT), a Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions around the world today announces an update on XTM’s product and launch of its Vert Visa credit card.



Further to the Company’s news release on November 20, 2020, the Vert Visa program allows applicants to establish or re-establish their credit without relying on their credit score to obtain approval.  With a bank account, a monthly source of income and confirmation that the applicant is not in the middle of a bankruptcy, approval percentage is 91.8% with a median credit approval amount of $386 dollars. 

 

Upon sign-up, applicants link their bank account using digital banking embedded in the Vert mobile application.  This allows the Company to analyze one full year of banking transactions, including deposit history, and in real-time instantly approve and adjudicate a credit amount, using proprietary artificial intelligence, without pulling a credit file. 

 

The Company will realize an average revenue per user (ARPU) of $5.83 per month net of all processing and capital costs despite the possible scenario of a cost of capital of 12% APR due to high default and bad-debt rates.

 

The Company has seen significantly meaningful sign-ups in the past 30 days via the website www.myvertcard.com.  Based on this tremendous response and demand, the Company has expanded its discussions with large lenders to provide the Company with a larger lending facility to meet demand. 

 

“The tremendous response to this offering solidifies our strategy that this demographic has long been under serviced and neglected by the existing credit-card issuers,” commented Marilyn Schaffer, CEO.  “We intend to disrupt the cycle of good people looking for credit being denied due to old legacy approval requirements.”
Update as of December 14th 2020.
Member
May 12, 2019
487 posts
857 upvotes
illusionoffire wrote: Update as of December 14th 2020.
Every time I see one of these fintech disruptor grifts get funded, I want to add the CEO to my Christmas card mailing list and staple receipts of my credit card reloads to my Hallmark moment as a "thank you" for them burning their shareholders equity so my lazy butt can print points.
Deal Addict
Jan 16, 2016
1463 posts
1120 upvotes
Hamilton, ON
Who really cares; this is much of a niche product to those who have destroyed their credit and need a fresh start, this isn’t a revolutionary card churners are going to get.
Deal Addict
May 15, 2013
1771 posts
478 upvotes
Montreal
illusionoffire wrote: he Vert Visa program allows younger adults to establish credit and anyone the ability to re-establish or repair their credit. Approved users will be granted credit limits from $250-$500 without security deposit and will have the ability gain more credit over time with good payment history.

With that credit limit, I am not going very far ...

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