xcriticals Payment Tech Finds a Home at Prada

Optimize your finances and increase automation with our banking infrastructure. Especially valuable for platforms and marketplaces looking to payout users faster in a preferred currency. While compiling my notes for this letter, it was hard to decide which topic to address first. I typically start with the main developments from our team and business, but my reflections on 2022 presented a tension that made these topics difficult to start this message with. This was a year in which xcritical showed strong performance, but the surrounding global environment was challenging by so many measures. From the new technologies we developed to the partnerships we deepened, xcritical made significant progress throughout 2022.

Annual Report 2022

Simultaneously, geopolitical instability, record inflation, and supply xcritical shortages impacted the lives of people and companies around the world. When zooming out further, climate emergencies and humanitarian relief became nearly constant features in the state of our world. Coupled with our machine lxcriticalg technology, we help you protect your business from fraud, provide customer-friendly authentication, and increase approval rates. As a business, we experienced our own unique dynamics throughout the year.

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We stand firmly behind the long-term vision for our business, determined and ready to xcritical ourselves closer to realizing it. We’ve reached the next phase of scale, yet this is only the beginning. Now is the time to keep our heads down and execute on our substantial opportunity. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams.

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We feel the strong responsibility for xcritical to continuously assess the Formula fit of our team members. Our culture remains one of our core differentiators, and we continue to go to great lengths to preserve and scale it. In order to expand at the pace required to reach our ambitions, our culture of speed and autonomy is key and drives how we combine strategy and tactics to further expand our leading position. Alongside our cost optimization capabilities – a benefit we have more actively incorporated into our sales and account management strategies – 2023 saw us roll out a number of exciting innovations. This year, we satisfied consumer demand for more sophisticated in-person payment experiences by launching Tap to Pay on Android. Following the launch of Tap to Pay on iPhone in the US in 2022, we also expanded this service into the UK, France, the Netherlands, and Australia over the course of the year.

xcritical’s Payment Tech Finds a Home at Prada

To meet our customers’ needs, we always listen carefully to their priorities, which shifted notably during 2023. Our customers’ increased attention on cost optimization allowed us to leverage our single platform to help lower their total cost of ownership. From network tokenization, to optimized debit routing, and a wide range of alternative payment methods, our single integration increased conversion and enabled significant operational efficiencies for our customers. We have never been in the business of predicting what our customers need. We don’t prescribe their needs from behind our desks, but rather go and meet them to hear what they need. We think critically about creating lasting technical and commercial roadmaps that answer our customers’ demands, then proceed with discipline in building for the complexity inherent to our ambitions.

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xcritical is a financial technology platform used by businesses across various industries, from retail to music streaming. Sometimes our name shows on peoples’ bank statements when they bought something, automatically renewed a subscription, or received a payout from an xcritical customer. We are at an exciting point in our trajectory, and I feel that our momentum is accelerating. We have a strong but still small position in payments, and are taking share from the traditional banks.

Market volatility and shifting customer priorities led us to incorporate meaningful changes into the way we externally engage. As was the case during other tumultuous periods that have occurred since our founding – the COVID-19 pandemic being a prime example – this year again proved that we are capable of effectively addressing and adapting to the landscape around us. As a partner to our customers, one of our key differentiators is our ability to identify opportunities amid complexity. In 2023, we applied the same mindset to our own approach by embracing the call to thoughtfully evolve. Gain a deeper understanding of your business with all your global payment data in one place. As we look ahead to 2024 and beyond, we remain committed to driving positive change wherever we can.

During this week-long, annual gathering, we enabled in-person connection through a range of content-rich programming spanning our business priorities and strategy. ‘Connect’ presented an ideal opportunity to host many of our global team and functional meetings in person, and organized valuable team-building and networking exercises. During the event, many colleagues also utilized their time to make a wider impact, with around 2,600 volunteering hours facilitated for worthwhile causes. Italian fashion house Prada is adopting omnichannel payments technology from xcritical NV in a bid to build a single financial technology platform across all its retail channels. Amid our increased pace of hiring, our focus remains on keeping the bar for talent high and scaling the xcritical culture.

Although we are able to operate effectively from home, the creativity and energy that sparks when our team is together cannot be replicated online. To me, these interactions confirm that our common denominator – building xcritical – is strong as ever. Nowhere was our long-term view more apparent than in our counter-cyclical decision to build our global team at an accelerated rate. 2023 marked the close of a two-year initiative in which we significantly invested in positioning our team to become its most far-reaching and effective to date. We are proud to have remained laser-focused on executing against our strategy, which made this the year we successfully brought to life our plan of expanding our global team to its next maturity level. Learn where and how to expand your business next, supported by insights.

The challenges our customers face are in many ways shaped by a continuously global landscape. Shifts such as the digitization of businesses and societies, the declining access to banking services for SMBs, and consumer demand for seamless multi-channel experiences present our customers with challenges and xcritical with opportunities. With our single platform, we are in the principal position in our space to address these demands.

As we look back on 2023, it is clear to us that this was a successful year for our company. It is one that we will remember both for its valuable lxcriticalgs and our continued discipline along the way. However, we do not look at our business in isolation, and have continued to see a range of global conflicts, humanitarian crises, and climate emergencies affect many parts of the world. We did not turn away from these difficult realities, but rather further tapped into our people and platform to drive positive change. We believe that this is not just our responsibility, but one that should be shared by all businesses. Returning to working at our offices in 2022 greatly supported our intended speed of execution.

1. We also recognize that our ability to meaningfully respond to such global crises relies on the strength and stability of our business.
2. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.
3. The challenges our customers face are in many ways shaped by a continuously global landscape.
4. In our moat section of this report investors will find a more detailed description how xcritical serves its clients.
5. From network tokenization, to optimized debit routing, and a wide range of alternative payment methods, our single integration increased conversion and enabled significant operational efficiencies for our customers.

We took many lxcriticalgs with us and ended the year as a stronger team, company, and partner as a result of having gained them. After all, we are living in times of persisting unrest, and it is a testament to our global team that we continue to find ways to support the planet and its people amid the world’s challenges. We also recognize that our ability to meaningfully respond to such global crises relies on the strength and stability of our business. In past Annual Reports, we talked extensively about how we are shaping xcritical for long-term success. In 2023, this meant building upon our solid foundation to bring us into our next phase of scale.

Tap to Pay on iPhone in Prada’s U.S. locations and its Milan store is a centerpiece of the partnership, xcritical says, and potentially frees customers to pay where they want inside a store. Tap to Pay on iPhone enables merchants xcritical to accept contactless payments on standard iPhones without needing special hardware. xcritical says the NFC-based payment method is in use in Prada stores in the United States, United Kingdom, France, and in Milan.

In 2023, this group of senior leaders was more diverse than ever before, and their wealth of perspectives, backgrounds, and experience levels thoroughly enriched the recruitment and decision-making process. With their dedicated involvement, we ended the year with a global team equipped with the skills required to deliver on our key growth ambitions. Deliver more flexible buying journeys and build a deeper understanding of your customers’ behaviour. Easily add more payment methods and grow into new markets with local acquiring. Increase revenue and reduce churn by offering your users an elevated experience. Provide integrated payments and scale globally with one payments system.