Social investment platform eToro announced on Tuesday its partnering with banking-as-a-Service infrastructure provider OpenPayd. The partnership aims to power eToro Money accounts throughout Europe.
eToro Money allows users to manage their funds in one place through its connection to existing eToro investment account. Users can transfer money from their investment account, including making instant withdrawals and deposits.
The partnership with OpenPayd allows eToro to issue Euro virtual IBANs and gives the company access to SEPA Instant rails. The offer is currently available in 12 countries is being rolled out across Europe.
Furthermore, OpenPayd’s API-based solution enables eToro to significantly speed up payment processing times and remove the possibility of human error.
Kreeson Thathiah, Director of Payments at eToro, said:
This partnership is an example of embedded finance in action; it’s a significant evolution in how we build innovative financial services. Working with OpenPayd – who’s platform and team has accommodated all of our needs – has been a pleasure. With every customer receiving their own virtual IBAN and access to the real-time European payment rails, SEPA Instant, we can ensure that funds are moving when, how and to whom they’re supposed to.
Iana Dimitrova, CEO of OpenPayd, added:
eToro is changing the game for the trading community across the world, which is why we’re thrilled to be powering its product throughout Europe. Our infrastructure was built for use cases just like eToro Money. We strongly believe that embedding financial services in this way powers business growth, enabling any company to build new products, streamline operations and manage payments globally. This is what the future of financial services looks like.
Earlier this month, eToro announced gaining in-principal approval in the Abu Dhabi Global Market.
