Online investment platform eToro has furthered its preparations for the launch of its first debit card by acquiring UK-based e-money platform Marq Millions.
The newly acquired business will be rebranded as eToro Money and will act as the issuer for eToro's forthcoming debit card as it looks to expand its product range among UK customers. In addition to the Marq Millions acquisition, eToro also has a membership arrnagement with Visa and EMI licence from the UK's Financial Conduct Authority.
"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," said co-founder and CEO Yoni Assia. "eToro has always been about opening up finance."
The company started life as an online sharedealing service but has since expanded into wealth management, offering a number of investment products and funds on its platform.
The card, which will offer users an instant cash-out and cash-in functionality, will initially be available to eToro customers in the UK and Europe before being extended to non-eToro users.