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Toronto-based FinTech XTM introduces Vert Visa Credit Card

By Pavithra R

November 23, 2020

  • Canada
  • Xtm
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XTM, a Toronto-based FinTech company providing mobile banking and payment solutions, has announced the launch of its unsecured Visa credit card program and offering – the Vert Card.

Almost 22% of North American population is considered under “credit risk” when measured by their credit score. The Vert Visa credit card uses an intuitive mobile app to collect customer data and within seconds, using AI and digital banking and grants credit approval without using a credit score or previous credit history.

The Vert Visa program allows younger adults to establish credit and provides everyone with the ability to reestablish or repair their credit. Approved users will be granted credit limits from $250-$500 without a security deposit and will have the ability to gain more credit over time with good payment history. The credit limit and payment history will be reported to TransUnion and Equifax, 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 enhance their score, such as paying down credit and making payments on time every month.

“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. 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,” said Marilyn Schaffer, CEO.

XTM is in discussions with organizations in the lending space that will provide the underlying credit facilities to the company providing a fast rollout. The FinTech is also engaged with organizations looking to private label the solution and market to their clients, including mortgage brokers, lenders, and bankruptcy trustees.

Established since 2006, XTM is a global payment, FinTech company in the challenger banking space, helping business and their workers expedite earnings payouts and reduce or eliminate banking fees and cash. With its global card issuing and payment platform, the company provides free technology to businesses to automate and expedite worker payouts.

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