eToro, a global investment platform, has recently announced the acquisition of Marq Millions Ltd to support the trading provider’s launch of its forthcoming debit card.
Marq Millions is an e-money business based in the United Kingdom. Following the acquisition, the e-money business is now trading as eToro Money, and it will be the card issuer for the company’s debit card.
eToro Money has a Principal Membership with payments giant Visa and an electronic money institution (EMI) Licence permission from the Financial Conduct Authority (FCA), the company said in a statement on Wednesday.
Initially, the multi-asset broker’s debit card will only be available for eToro Club members based in the United Kingdom. The card will then be rolled out to Europe, and later made available to non-eToro users.
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Commenting on the acquisition, co-founder and CEO of eToro Yoni Assia said in the statement: “We are proud to announce the acquisition of the Marq Millions business and to welcome the team to the eToro family. 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.
“eToro has always been about opening up finance. We offer our users not only the choice of what assets they invest in – from commission-free fractional stocks through to commodities and crypto – but also a choice of how to invest – they can trade directly themselves, copy another user or invest in a portfolio.”
eToro expects strong demand for debit card
With more than 14 million registered users, the social trading platform expects there to be a strong interest in its debit card.
“We are incredibly excited to become part of the eToro Group,” added Mahmood Kamran, the former Chief Operating Officer of Marq Millions and now Managing Director of eToro Money.
“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. You can expect to hear a lot more from eToro Money in the coming months and years.”