eToro has announced a
partnership with workforce payments company Papaya Global to launch a
payroll-linked investing service. The companies said the offering is designed
to allow workers to move money from their salaries into investment accounts at
the time they are paid.
The announcement
follows eToro’s recent platform update, which
included a redesigned mobile app, artificial intelligence-powered investing
features, expanded trading tools, crypto self-custody services, and a refreshed
brand identity.
Earlier this year, the
company said it was exploring acquisitions of wealth technology firms and
considering a banking licence as part of a broader expansion into payments and
financial services.
eToro Links Payroll Payments with
Investing
The new service,
called eToro Work, is powered by Papaya Global’s Banco platform. It combines
eToro’s trading and investing platform with Papaya Global’s workforce payments
infrastructure. According to the companies, the service is intended to connect
payroll payments with investment access and financial education.
The companies said the
initiative is based on the idea that employees should be able to begin
investing as soon as they receive their salaries by creating a direct link
between earnings and investing.
Yoni Assia, Chief
Executive Officer and Co-founder of eToro, said the partnership supports the
company’s long-term objective of expanding access to financial markets. He said
many people “never get a natural moment to start” investing and added
that the service is designed to reach workers “the moment they’re
paid” and help them “grow their wealth over time.”
Single Service Manages Multiple Employee
Earnings
Papaya Global said its
Banco platform is intended to support the next stage of workforce payments by
combining payroll with wealth management tools.
Eynat Guez, Chief
Executive Officer and Co-founder of Papaya Global, said, “Salary should be
the beginning not the end of workers’ financial experience.” She said the
partnership would help bring that approach to workers globally.
According to the
announcement, the service is planned to cover multiple forms of employee
compensation, including salaries, bonuses, stock options, restricted stock
units, and benefits. The companies said this would allow workers to view
and manage different types of earnings through a single service.
This article was written by Tareq Sikder at www.financemagnates.com.
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