Xeppt Inc.

Business Overview

XEPPT Inc. is a regulated payment services provider registered in Canada, operating both a consumer-facing digital wallet and a merchant payment processing business. The company’s prepaid Visa card is issued through a partnership with Digital Commerce Bank (DCB), enabling users to load funds from linked bank accounts, send and receive money via Interac, pay bills, and withdraw to bank accounts. The platform targets underbanked individuals by requiring no credit check or bank account, and also serves businesses with dedicated wallet features for managing funds and cross-border payments.

Business Model and Revenue

XEPPT generates revenue through transaction fees, though the Momentum loyalty program allows users to lower these fees by earning points on transactions. The browser extension provides cashback from partner merchants, which is credited to the user’s XEPPT account, likely driving merchant commissions. Multi-currency transactions are offered at mid-market rates with no hidden fees, suggesting revenue from interchange or spread. The company’s dual role as both a consumer wallet and a merchant processor diversifies its income streams.

Products and Platforms

XEPPT’s flagship product is the reloadable prepaid Visa card, available free of charge and usable anywhere Visa is accepted. The digital wallet supports Interac transfers and bill payments. A multi-currency wallet, listed as “coming soon,” will allow users to hold, exchange, and send funds in 36 currencies. The Momentum loyalty program has tiers that unlock lower fees, and the browser extension provides cashback at hundreds of partner merchants. For businesses, a dedicated business wallet offers fund management, bill payment, and scheduled transfers.

Market Position and Competitors

XEPPT competes with other Canadian fintechs offering prepaid cards and digital wallets, such as Koho, Wealthsimple Cash, and Stack. Its focus on underbanked consumers and businesses, along with a loyalty program and multi-currency support, differentiates it. However, its relatively small scale and limited public visibility suggest it is a niche player in the broader fintech ecosystem. The company has not disclosed user numbers or transaction volumes.

Licensing and Regulation

XEPPT states compliance with Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA). The prepaid card is issued by Digital Commerce Bank, indicating a partnership model. The company is also a vendor of processing equipment and a payments processor for merchants, implying it holds or operates under appropriate money-services business (MSB) licenses in Canada. No specific regulatory filings or license numbers were found.

Leadership and History

XEPPT was founded by Matthew Moore, who also leads BNA (likely a separate venture). Moore’s LinkedIn confirms his role as Founder & President of both entities. The company’s founding year and location are not publicly available; its current headquarters is in Aurora, Ontario. No other C-level executives were identified in public sources, suggesting a lean leadership structure during its early growth phase.