A Miami- and Toronto-based fintech company in the neo-banking space recently announced it has acquired a gratuity-pooling and distribution calculation software solution to enhance its operations.
Mobile banking and payment solutions provider XTM, purchased Tiproll to add to its Today program, according to a Jan. 20 press release.
Marilyn Schaffer, XTM CEO, said stakeholder feedback was the catalyst behind the latest move.
The acquisition was completed in July 2021, the release stated. Since then, XTM has worked to develop a management solution that can be employed in the hospitality sector to decrease costs for administrative labor expenses.
“Branded as XTM’s Today Tippool, the product enables hospitality organizations to integrate the module with their installation of the Today program,” the release stated. “Prospects not currently on the Today program will soon be able to leverage the Today Tippool solution as an ancillary module through their POS (Point of Sale) to disburse their gratuity allocations.”
The company’s Today Solution is based on a free mobile app, along with a Visa or Mastercard debit card with free banking features that is used by thousands of restaurants, salons and staff in the United States and Canada, according to the release.
“We listened to owner/operators small and large looking for a single source solution to eliminate back of house hospitality administration costs,” Schaffer said in the release. “We are working on fulfilling the ecosystem to deliver cost effective, technology driven solutions that solve pain-points, save money and make service businesses more productive. Through acquisitions and organic technology, we are confident that we will lead this charge.”