eToro partners with Moneyfarm to provide its customers with ISA solution
Online broker eToro has teamed up with European digital wealth manager Moneyfarm to provide eToro UK’s clients with a discretionary managed ISA solution.
UK clients will be able to access an award-winning stocks and shares ISA powered by Moneyfarm, with those who sign up able to see their ISA balance displayed within their eToro portfolio. Any money held in the ISA will also count towards eToro’s Club programme, helping clients with ISAs to qualify for certain advantages associated with reaching different tiers of eToro Club programme.
The Moneyfarm globally diversified discretionary portfolios are risk rated and customers will be matched with the correct portfolios, managed by experts.
The launch of the ISA solution for eToro customers will be a phased approach, with further product integration happening in the coming months. Moneyfarm is providing the technology platform, will create and manage the investment portfolios and look after the customer relationships.
Dan Moczulski, UK Managing Director, eToro said:
“We may be a global platform but we are constantly looking for ways to evolve our local offering, and the addition of an ISA proposition is a perfect example of this dual approach. This will provide more than three million registered clients in the UK with a tax-efficient wrapper for investing, and given the significant upcoming changes to the Capital Gains Tax threshold, we felt it was more important than ever to provide this option for customers.
“eToro UK clients will now have the convenience of being able to open a Stocks and Shares ISA with Moneyfarm via our app, while continuing to use the eToro app to invest in a range of assets from stocks and crypto to commodities and ETFs. We will continue to build our ISA offering over time and we look forward to seeing how our clients respond.”
Daniel Giddings, Head of Business Development UK, Moneyfarm said:
“Announcing this commercial agreement with eToro is further evidence of our ongoing commitment to grow our B2B2C business and leverage our API capabilities.
“This is a phased launch that will see us closely integrate the propositions over time. What is important initially is to be able to provide an ISA solution to eToro and its customers providing discretionary risk rated portfolios in a timely manner. We are focused on delivering for our clients and continuing to evolve our proposition and developing our B2B2C solutions is a key area of growth for Moneyfarm.”