One of the world’s largest social investment platforms, eToro has partnered with OpenPayd, a well-known banking services provider, to launch embedded finance in the European region.
According to the statement, the cooperation will facilitate the opening of eToro Money accounts across Europe. In addition, it also allowed the social investment platform to issue virtual IBANs in euros. The partnership will enable eToro customers to deposit and withdraw funds from their eToro Money accounts in a fast and secure manner.
The introduced system is currently operating in 12 countries, and the company is implementing it in 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, 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.”
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Embedded financial services
Iana Dimitrova, CEO of OpenPayd, sees embedded financial services as a step forward for companies looking to expand 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 to lead the company’s payment infrastructure.
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