eToro enhances onboarding with Backbase to address 2.6 million new registered users

Rick Steves

According to the interim report, eToro has welcomed 2.6 million new registered users in Q2 2021, up 121% compared to Q2 2020

eToro has selected Backbase to enhance the broker’s digital onboarding capabilities and back-end compliance infrastructure.

Backbase is an “Engagement Banking technology provider”. eToro will deploy the regtech’s Digital Sales solution for its fully digital and seamless account opening experience and a Know Your Customer (KYC) architecture to ensure reliable compliance across the full customer lifecycle.

eToro is spread across more than 100 countries and operates in a highly regulated global industry with no unified approach to rules and regulations.

This requires eToro to tailor its offerings, products, and services to the regulatory rules and limitations of each of the jurisdictions within which it operates.

Enter Backbase, which advances these goals by meeting KYC and other compliance needs for both new and existing eToro users, in addition to providing back-office support through its Case Manager solution.

Israel Kalush, Vice President of Engineering at eToro, said: “Our mission is to open the global markets so that everyone can trade and invest in a simple and transparent way. Since our founding in 2007, innovation has been in our DNA and we require partners whose technology can scale with us.

“eToro is growing rapidly – we added over 5m new registered users in 2020 and a further 3.1m in Q1 2021 and we’re looking to Backbase to support us as we continue this expansion. Best-in-class KYC provides peace of mind for our users as well as the global compliance standards we need as a regulated broker. Through our collaboration with Backbase, we look forward to bringing our customers a first rate, frictionless onboarding experience that ensures we are fully compliant in an ever-evolving regulatory environment.”

Matthijs Eijpe, Regional Vice President, EMEA, at Backbase, added: “We are thrilled eToro chose us to support their vision of building a scalable, future-proof onboarding architecture. eToro are true fintech pioneers, and their decision to work with us is a testament to Backbase’s commitment to – and success in – building innovative technology solutions that support our customers’ near- and long-term growth ambitions while still centering the end-user experience.”

Deployed via Microsoft Azure to ensure scalability, Backbase’s Digital Sales solution will be able to integrate new product features and updates to help eToro stay fully compliant with evolving regulatory requirements.

eToro has reported extremely strong metrics in Q2 2021 on the back of crypto trading, including net trading income, commissions, and new registered users.

According to the interim report, eToro has welcomed 2.6 million new registered users, up 121% compared to Q2 2020. It is no surprise that with such strong figures, eToro needed to enhance its onboarding process with Backbase.

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