eToro is launching a debit card in the UK after purchasing Marq Millions, a Manchester-based e-money platform.
This move will help it further expand across financial services and offer a more rounded set of services.
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The UK-based digital trading platform has purchased Marq Millions, a Manchester-based e-money platform, to launch its first debit card in the UK, per Finextra. The newly acquired Marq Millions, which will be rebranded as eToro Money, will serve as the issuer for eToro’s card. eToro, which boasts over 13 million users in over 100 countries, has outlined how the debit card will have instant withdrawals and deposits.
The debit card launch fits in with its broader strategies to expand its product suite and deepen its presence in the UK. eToro, which started as a visual FX trading platform, has expanded to a multi-asset brokerage that offers commission-free trading and launched its crypto exchange last year. This latest move will help it further expand across financial services and offer a more rounded set of services. Additionally, this aligns with eToro’s objective to expand its user base in the UK.
We think the acquisition will pay off as eToro will now possess the technology to fuel further product rollouts, while also boosting the customer experience.
Marq Millions provides end-to-end payments solutions for financial institutions. eToro will now own the technology, which will facilitate further ambitions to extend its offering into the areas of banking and payments. Moreover, the benefit of owning the solution, rather than purchasing it from a third party, means eToro won’t be reliant on a vendor for digital continuity. Given the surge in digital traffic that trading platforms are experiencing and the outages that rival Robinhood has suffered, this could prove extremely valuable for ensuring high levels of customer service.
The launch will set it apart from rivals and also boost the customer experience. The UK has become a crowded market for digital trading platforms, including players such as Freetrade, and the debit card will help differentiate eToro’s services by enhancing the customer experience. The new instant withdrawals and deposits will expedite the existing process and, in turn, boost customer satisfaction.
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Source:: Business Insider – Finance