Global HR tech platform Xref (ASX: XF1) is on its way to launching an Avengers-esque background-checking platform complete with multiple services. The Company has already introduced its graduate Qualification Verification checks and Certn checks for working professionals, which were introduced after the rollout of Trust Marketplace on Xref’s Enterprise Platform.
Trust Marketplace, now integrated into Xref’s newly launched Enterprise Platform, serves as a vendor-neutral hub aggregating a diverse selection of premier providers offering employment verification checks and digital trust products worldwide. Accessible to all employers via the new Xref Enterprise Platform, Trust Marketplace facilitates the procurement of conventional trust products, including ID verification, employment verification, rights-to-work validation, and criminal background checks.
Before Trust Marketplace, Xref’s platform offered a limited selection of background checks from a few vendors, with 110 clients conducting around 1,000 checks monthly. With Trust Marketplace, employers can now efficiently vet hundreds of candidates across various categories cost-effectively.
Xref Founder and CEO Lee-Martin Seymour said, “As we are not a background checking company, we have invited the world’s best providers to use our Trust Marketplace to bring a range of global checks to our clients. In doing so, we can provide a comprehensive suite of tools to help with better hiring and retention and therefore, reduce employee turnover. Trust Marketplace also helps migrate clients onto our new Enterprise Platform and gives us a competitive advantage in acquiring new clients. We have a clear opportunity to grow revenues with clients already using our service and additional checks from GVS and additional global vendors will enhance our growth.”
In 2022, Rapid ID Pty Ltd, a subsidiary of Xref, collaborated with Higher Ed Services (HES) to introduce the Graduation Verification Service (GVS), a centralised database enabling instant verification of graduate qualifications. Covering 20 years of historical records for each education provider, the GVS streamlines the verification process, which was previously slow and costly because there was no central database.
This service benefits over 400,000 ANZ university graduates annually and past graduates, offering a more cost-effective and reliable qualification-checking method. In partnership with HES, Rapid ID delivers the GVS to the market, providing verification services through the Trust Marketplace and Xref Enterprise platform. Over the past year, 265 clients have purchased over two million checks through Rapid ID, extending qualification verifications directly to Xref clients via the Trust Marketplace.
Xref Chairman Tom Stianos added, “The Enterprise Platform is a key growth strategy for Xref given the subscription revenue it generates. With the new capabilities released to the Trust Marketplace, we will further accelerate client migration to the Enterprise Platform.”
Last year, Xref partnered with Certn, a renowned global background screening provider offering checks in over 200 countries and territories. These Certn checks are now accessible to all Xref clients via the new Enterprise Platform and Trust Marketplace, with Xref expecting a minimum 30% margin on these services. Plus, last month, Xref announced an integration agreement with Certsy, a SEEK-owned credential verification platform, to automate reference checks. Collaborative efforts between Xref, Certsy, and SEEK aim to enhance the employment reference checking process, with plans underway for integration by Q4 FY24.
In H1 FY24, Xref’s group revenue increased by 3% to $9.9 million, with a net loss of $4.1 million. ARR surged by 95% to $10.9 million, driven by client migration, with 56% adopting SaaS models. With more partnerships and elaborate SaaS offerings, Xref aims to streamline job-hunting further.
Alinda is a Business Reporter for The Sentiment
Latest posts by Alinda Gupta (see all)
- Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank - June 27, 2024
- Baby Bunting fights back from retail downturn with 5-year strategy, includes Gen-Z focus and self-funded growth - June 27, 2024
- CLEO meets with US FDA to develop strategy for ovarian cancer test launch - June 26, 2024
Leave a Comment
You must be logged in to post a comment.