Sat, May 18, 2024

XTB Steps Into UK ISA Market, Plans Autumn Launch

Broker News

XTB announced its entry into the UK’s £400 billion ISA market less than a quarter of a year after its initial announcement.

The fintech company based in Poland plans to unveil its first ISA products in the UK by autumn.

XTB Targets UK’s ISA Market, Diversifying Offerings

XTB CEO Omar Arnaout, during the earnings call post the 2023 report in February, said the company, following its retirement product launch in Poland, is now aiming for the UK’s tax-free investment products market.

The ISA market in the UK, holding £400 billion in assets, serves 27 million individuals, allowing investments of up to £20,000 annually sans tax duties.

Eager to grow its customer footprint, XTB has secured a license for this sector, moving past its usual CFD offerings to include stocks and passive ETF investments.

Joshua Raymond, the UK Managing Director for XTB, expressed his excitement about HMRC approving their ISA license application.

Raymond announced plans for the ISA product’s UK debut around the year’s third quarter, targeting an early Autumn release.

XTB UK Sees Impressive Growth

In 2023, XTB saw its active clientele rise to 312,000, and by 2024, it celebrated reaching over one million users, with significant growth from the UK sector, where client numbers shot up by 93%.

Despite being smaller than the broader fintech scene, the British arm of XTB generated £4.7 million in revenue in 2023.

Raymond sees the ISA market as a substantial growth opportunity, with 12 million new account subscriptions annually in the UK alone.

He said entering the ISA space is another key step in expanding their UK portfolio, which already includes ETFs, stocks, Investment Plans, and CFD products.

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