Trading platform eToro has acquired UK-based e-money business Marq Millions to support the launch of its new debit card.
Financial details of the acquisition have not been shared.
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Marq Millions will now operate under the name eToro Money and become the card issuer for eToro.
The management team of Marq Millions will remain unchanged.
eToro Money is a principal member of Visa and has EMI licence permit from the UK watchdog Financial Conduct Authority (FCA).
eToro will first issue its debit card to its club members in the UK and then in Europe.
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By GlobalDataLater, the company will issue the card to non-eToro users.
eToro co-founder and 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.”
eToro has over 14 million registered users.
Marq Millions former COO and eToro Money MD Mahmood Kamran added: “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.”
