Westpay AB and XAC Automation Corp. have signed an agreement to extend their partnership. Under the new agreement, XAC will support Westpay with working capital in order to boost Westpay's capability to meet increasing customer demand for a rental business model. The European market for in-store payment solutions has changed dramatically during the past couple of years. There are fewer, but larger, competitors due to industry consolidation. Furthermore, merchant customers are increasingly preferring a business model based on rental, i.e. payment as a service. As a result of the extended partnership, Westpay together with XAC can protect and increase its business with direct merchant customers on addressed markets. During 2023, it is estimated that XAC will support Westpay with up to 8 MSEK through a soft loan facility, catering for the working
capital need for Westpay´s rental business.