XTM, a Canada-based fintech that provides mobile banking and payment card solutions, announced on Friday plans to launch its unsecured Visa credit card program and offering, the Vert Card. According to XTM, the 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.
“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.”
Speaking about the program’s debut, Marilyn Schaffer, CEO of XTM, added:
“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.”
Founded in 2006, XTM acquired, developed, and integrated solutions businesses of every size, which includes challenger banks, credit unions, consumers, and governments. The company’s goal is to disrupt traditional banking with its white-labeled mobile wallet, banded Visa and Mastercard solutions, and platform.