Manchester FinTech acquired by eToro ahead of debit card launch
Posted on July 30, 2020 by Alistair Hardaker
Global online investment platform eToro has acquired Manchester-based e-money platform Marq Millions ahead of the launch of a new debit card.
The deal, for an undisclosed sum, will see Marq Millions rebranded as eToro Money and will act as the issuer for eToro’s forthcoming debit card.
Mahmood Kamran, former COO of Marq Millions, will become managing director of eToro Money.
“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,” he said.
eToro is looking to expand its product range among UK customers, and has a membership arrangement with Visa and EMI licence from the UK’s Financial Conduct Authority.
Since it was founded in 2006 as an online share-dealing service, eToro has expanded into cryptocurrency, wealth management, investment products and funds on its platform, and claims to have 14m global registered users.
The Israel based company has licensed subsidiaries in Cyprus, the UK and Australia, and is backed by institutional investors including China’s Ping An and Russia’s Sberbank.
“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.”
Initially the new debit card will be available to the firm’s UK ‘eToro Club’ members, before being rolled out to Europe, and later made available to non-eToro users.