Last year, eToro, a giant online investment platform with over 14 million users worldwide, announced its plan to launch a debit card. This move has been planned to allow its users to withdraw their gains on the platform by using the said debit card. For this goal, eToro has recently purchased Marq Millions Ltd, a UK-based company that offers financial services throughout Europe.
eToro has been a leading multi-asset brokerage company. It offers financial and social trading services, as well as an education service with market analysis. The company has offices in Israel, Cyprus, UK, USA, and Australia.
After the completion of the purchase, Mark Millions Ltd has been renamed as eToro Money. This finance company will be in charge of issuing the debit card that eToro has long planned. In preparation for the launch of their debit card, eToro has made the necessary arrangements with Visa Inc., the multinational financial services corporation based in the United States.
As stated in its original plan announced in December 2019, the service will be launched in this country first. eToro Club members have been selected to be the first ones to put their hands on the long-awaited debit card. Later, it will be made available for users all over Europe and, eventually, to everyone including non-eToro users.
Yoni Assia, the Israeli co-founder and current CEO of eToro, expressed satisfaction at the recent purchase of Marq Millions. He welcomed the UK-based company as a new member of eToro. Assia described the move as a natural move, one that will contribute to broadening the suite of services that eToro already provides.
Currently, eToro offers a wide range of investment vehicles, which include commission-free stock trading and, more recently, cryptocurrency. But that is not all; the platform offers users the possibility to choose the way to invest they deem more convenient. Being a social trading platform, eToro allows copying the strategies of expert traders. If preferred, users can trade by themselves too.
eToro’s Debit Card as Part of a Diversification Strategy
As evidenced by Yoni Assia’s statement, the forthcoming debit card is part of a continuous strategy to widen the range of products offered by eToro. In April 2019, the company made its initial foray in the cryptocurrency exchange, which widens its users’ possibilities of investment. This is a clear example of eToro’s efforts to diversify its business activities. The company’s debit card follows this direction.
Competition in the commission-free stock trading niche is fierce. eToro faces competition from companies like Freetrade, whose niche is share dealing. But even fintech companies that specialize in other financial activities have started to enter this space. Hence, eToro’s move with its debit card will secure revenue from an additional source. With so many players competing in this space, eToro has taken a significant step to offer the best customer experience.
eToro is Very Optimistic about its New Debit Card
The multi-asset online broker foresees a wide interest in its new debit card. This is expected to prompt a rapid and strong demand thereof. By providing a simple way to withdraw their gains, users worldwide will have a much better experience on the trading platform. With this service, eToro expects to prevent its customers from switching to one of its fiercest competitors.
For his part, the new Managing Director of eToro Money, Mahmood Kamran, has expressed his excitement to join in this venture. He has expressed his confidence in the success of the debit card that his company will issue. He predicts this service will turn eToro Money into a market leader worldwide.