eToro, a social investing network, has revealed a collaboration with Moneyfarm, a European digital wealth manager, to give its UK customers access to a stocks and shares ISA (Individual Savings Account).
Moneyfarm will develop and provide the technological platform and manage the investment portfolios and customer relationships. Customers who join up will be able to view their ISA balance alongside their eToro portfolio, while the money stored in the ISA will also qualify towards eToro’s Club programme, netting them rewards from reaching different milestones.
Account holders will be paired with the ideal portfolios, managed by specialists, based on their risk evaluation.
eToro declared that it would be rolling out its ISA solution with a gradual process, and that further products will be combined into the platform in the upcoming days.
UK Managing Director, Dan Moczulski, 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“.
He added:
“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“.
eToro has teamed up with Moneyfarm to introduce a new investment offering to the public, SocialSentiment. It provides the opportunity to invest in US-based corporations that prioritize and demonstrate strong ESG (Environmental, Social, and Governance) practices.
