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XTB Reportedly Obtains ISA License in the UK

XTB Reportedly Obtains ISA License in the UK

After recently announcing its intentions to penetrate the UK Individual Savings Accounts (ISAs) market, XTB has officially become one of the registered managers authorized to provide this retail investment product, according to a recent publication from Finance Magnates.

During a February earnings conference following the 2023 report, XTB CEO Omar Arnaout reportidly disclosed that following the successful launch of its first offering for prospective pensioners in Poland, XTB is setting its sights on entering the fiercely competitive market of tax-exempt investment products.

The UK ISA market caters to 27 million individuals and encompasses £400 billion in stocks and share savings accounts. British citizens have the opportunity to invest up to £20,000 annually through their ISAs without incurring tax obligations.

With its primary key performance indicator being the continual expansion of its customer base, XTB has chosen to acquire a license for this market, expanding beyond its standard CFD offerings. Initially focusing on stocks and subsequently venturing into passive investing through ETFs, XTB is now preparing to introduce ISA offerings.

XTB Sees Exponential Growth in 2024

The move comes during a time of strong growth for the polish-based publicly listed fintech, recently seeing its stock price reach new historical highs and surpassing 1 million clients in 2024.

XTB’s shares grew by nearly 22% last year and are already growing over 60% this year. The information about the dividend payment triggered another growth impulse, and on Wednesday, the shares briefly gained almost 2%, setting a new historical high at PLN 62.30.

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