XTM appoints Keith Nugara to board and announces CFO departure

XTM Inc. (OTCQB: XTMIF | CSE: PAID) announced board changes including the appointment of Keith Nugara as both board member and board advisor, according to a company statement.

The Toronto-based fintech company also announced the departure of Olga Balanovskaya, its former chief financial officer. The company did not specify the reasons for her departure.

Nugara brings over 30 years of executive leadership experience in payments, financial services, and enterprise technology. His previous roles include vice president of global business development at TELUS Health, senior vice president at Dye & Durham, and senior vice president at TELUS Health and Financial Solutions.

He currently serves on the board of directors of Everyday Payments and has worked with Interac, VISA Canada and other fintech organizations within Canada's payments ecosystem. Nugara holds a bachelor of commerce degree from the University of Windsor and completed executive programs at Harvard Business School and MIT Sloan School of Management.

In his dual role, Nugara will support enterprise sales strategy, network expansion, investor relations, and governance infrastructure strengthening, the company said.

"Keith's longstanding leadership within Canada's financial services ecosystem brings both credibility and strategic depth to XTM," said Marilyn Schaffer, CEO of XTM Inc.

XTM also disclosed it entered into a convertible promissory note of CAD $406,763 with a related party on December 19, 2025, which was subsequently converted into common shares. The conversion extinguished the related debt without raising new capital.

XTM operates AnyDay, a real-time payroll and earned wage access platform used in hospitality, personal care, and retail sectors.

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