eToro ‘could apply for banking licence’ in push into traditional banking services

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eToro is weighing a move into traditional banking services and may apply for a banking licence in the future. The company is also working with investment bankers on acquisitions of two wealth-technology firms, one in the US and one elsewhere. It recently completed a deal to buy crypto wallet provider Zengo and is looking for further deals to expand its wealth offering. The strategy suggests eToro wants to diversify revenue and build a broader financial services platform.

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