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eToro, OpenPayd launch embedded finance solution in Europe

Tuesday 27 September 2022 12:13 CET | News

UK-based eToro, the social investment platform, has announced a partnership with Banking-as-a-Service infrastructure provider OpenPayd to power eToro Money accounts throughout Europe.

 

The partnership offers eToro’s customers a simplified, near-instantaneous payments experience. eToro Money connects with an existing eToro investment account so that users can manage their funds in one place and transfer them to and from their eToro investment account, including making instant withdrawals and deposits.

Teaming up with OpenPayd allows eToro to issue Euro virtual IBANs (International Bank Account Numbers), unique to each of its customers, and gives eToro access to SEPA Instant rails for the first time. The proposition is currently live in 12 countries and is being rolled out across Europe.

OpenPayd’s bespoke API-based solution means that eToro can slash time spent on reconciliations, remove the possibility of human error and significantly speed up payment processing times. All of this is run across OpenPayd’s monitored and secure BaaS infrastructure. 

About OpenPayd 

OpenPayd builds embedded finance and banking-as-a-service infrastructure that powers business growth. With OpenPayd’s financial services infrastructure, companies can build new products, streamline their operations and manage their payments on a global scale. The OpenPayd platform delivers a suite of banking and payments infrastructure: accounts, FX, international and domestic payments, card acquiring and Open Banking services, all via a single API.

About eToro

eToro is a social investment network that helps people to grow their knowledge and wealth as part of a global community of successful investors. eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. Today, eToro is a global network of 25 million registered users who share their investment strategies. The network allows users to buy, hold, and sell assets, monitor their portfolio in real time, and transact whenever they want.

UK-based eToro, the social investment platform, has announced a partnership with Banking-as-a-Service infrastructure provider OpenPayd to power eToro Money accounts throughout Europe.

 

Recent activity

In June 2022 the payments and Banking-as-a-Service platform OpenPayd and Open Banking platform Yapily partnered to deliver payments solutions for businesses in the UK and across Europe.

Through this partnership, the fintech firms are seeking to address this demand by integrating Yapily’s Open Banking platform into OpenPayd’s embedded finance offering, creating a complete banking and payments ecosystem through a single API.

This allows businesses and their end-users to send payments instantly and directly from their bank account to their OpenPayd account using Yapily Payments. The collaboration works both ways, with Yapily integrating OpenPayd’s embedded finance infrastructure – offering plug-and-play banking and payments services that simplify and speed up the payment process.

Meanwhile eToro purchased investment app Gatsby in August. The US-based Gatsby, founded in 2020, offered a commission-free trading app that competed with eToro, as well as Robinhood and Freetrade in the UK. eToro said the purchase will enable it to offer a wider variety of products to its US consumers.


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Keywords: partnership, embedded finance, embedded payments, BaaS, investment
Categories: Banking & Fintech
Companies: eToro, OpenPayd
Countries: Europe
This article is part of category

Banking & Fintech

eToro

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OpenPayd

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Discover all the Company news on eToro and other articles related to eToro in The Paypers News, Reports, and insights on the payments and fintech industry:
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