One of the leading global social investment platforms, eToro announced today that it has joined hands with OpenPayd, a prominent banking-as-a-service provider, to launch an embedded finance proposition across the European region.
According to the details shared by eToro, the collaboration will facilitate eToro Money accounts across Europe. Moreover, it has enabled the social investment platform to issue Euro Virtual IBANs. The partnership will allow the clients of eToro to execute deposits and withdrawals from their eToro Money accounts in an easy and secure manner.
eToro added that the proposition is currently live in 12 countries, and the company is rolling it out across different parts of Europe.
“This partnership is an example of embedded finance in action; it’s a significant evolution in how we build innovative financial services,” says Kreeson Thathiah, the Director of Payments at eToro. “Working with OpenPayd – who’s platform and team has accommodated all of our needs – has been a pleasure. With every customer receiving their own virtual IBAN and access to the real-time European payment rails, SEPA Instant, we can ensure that funds are moving when, how and to whom they’re supposed to.”
Earlier this month, eToro announced that the company has received in-principal approval from Abu Dhabi.
Embedded Financial Services
Iana Dimitrova, the CEO of OpenPayd, believes that embedded financial services are the way forward for companies looking for expansion in the European region.
“eToro is changing the game for the trading community across the world, which is why we’re thrilled to be powering its product throughout Europe. We strongly believe that embedding financial services in this way powers business growth, enabling any company to build new products, streamline operations and manage payments globally. This is what the future of financial services looks like,” Dimitrova said.
In March 2022, OpenPayd announced the appointment of Barry O’Sullivan as the company’s Head of Payments Infrastructure.
