Investment app eToro is set to launch a debit card after the recent acquisition of UK-based e-money business Marq Millions. It now trades as eToro Money and will be issuer of the new debit card eToro will release.
Initially, the new debit card will be available to eToro Club members in the UK and then it will make its way to Europe and after that it will be extended to non-eToro users.
A spokesperson for eToro said the card could now provide instant “cash-out and cash-in” functionality to customers.
eToro Money has a Principal Membership with VISA and an EMI License permission from the Financial Conduct Authority, they are likely to start quickly, subject to approval from the FCA.
The launch of a debit card is a natural next step for eToro as we broaden the range of services that we provide to our users… The debit card will provide instant cash-out and cash-in functionality, greatly improving the user experience. We expect to see a strong take-up of the card – initially from our client base.
eToro enables its customers to invest in stocks and commodities, as well as crypto assets like Bitcoin. The app is regulated by Cyprus Securities and Exchange Commission, the Financial Conduct Authority in the UK and the Australian Securities and Investments Commission.
Mahmood Kamran, managing director of eToro Money, commented:
We are incredibly excited to become part of the eToro Group. The backing of this leading global fintech will allow us to issue a debit card which we are confident will become a market leader globally.
After eToro’s competitor delayed its launch “indefinitely”, eToro is racing to build its UK user base before the release of US investment platform.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
