XTM Provides Investor Update on QRails Acquisition and Financing
Summary
“The QRails acquisition creates both significant opportunity and risk for the company with the challenge of supporting the cost of a processor infrastructure prior to its revenue generation,” said Marilyn Schaffer, XTM, CEO. “We do believe the acquisition is worth the stretch, setting us apart from every other competitor in the Earned Wage Access (EWA) space with the ability to control user experience, fraud mitigation, and processing costs, internally. • QRails has integrations with most of the major payroll providers and time and attendance technologies, enabling it to have a source of truth for hours worked and net revenue reducing risk and ensuring a sustainable economic model. Founded in the cloud-banking space to further support businesses to inspire their workforce in the hospitality, personal care and services staffing industries, XTM provides on-demand pay for many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation. A cloud-based, API-driven issuer-processor QRails enables payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees.