eToro moves forward on debit card plans acquiring Marq Millions

eToro has advanced its plans to launch a debit card supporting its trading platform by acquiring UK ‘e-money business’ Marq Millions Ltd for an undisclosed fee. 

Confirmed this weekend, eToro finalised an agreement to acquire Marq Millions’ technology and management, securing the resources to develop its debit card services which will complement the growth of its multi-brokerage trading platform used by a reported ‘daily 10 million active traders worldwide’.

Operating since 2014, Manchester-based Marq Millions is a provider of ‘white-label’ solutions for mass-market retailers, offering its customers personalised debit card services.

As yet, eToro has published no timelines on the launch of its intended debit card service, which is initially expected to be made available as a service for its UK ‘Club Member’ traders.

Marq Millions is licensed by the UK Financial Conduct Authority (FCA), and holds passport provisions for 32 European countries.  

In its statement, eToro revealed that it would begin to trail ‘instant cashout and cash-in’ functionalities provided by Marq Millions debit card solutions as an end-to-end feature rewarding its most prominent traders.

eToro management has previously stated that it will add new customer services and functionalities to strengthen its trading platform beyond transactional services.

Citing that in 2020 its platform has reached a total of 14 million registered traders worldwide, eToro anticipates a strong take-up of its debit card offering.

Confirming the acquisition, eToro Group CEO Yoni Assia said: “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.

“The debit card will provide instant cash-out and cash-in functionality, greatly improving the user experience. We expect to see a strong take-up of the card – initially from our client base.”