Identity Verification Fuels eToro’s Global Expansion

Investment Platform Achieves Aggressive Growth With Smooth, Compliant Onboarding 

eToro’s global expansion strategy meant it could reach traders around the world, but the backbone of that growth had to be an agile identity verification solution to ensure regulatory compliance worldwide. 

The social investment platform partnered with Trulioo in 2019 to provide that solution while ensuring a smooth customer onboarding expansion. The initial partnership covered seven countries, but, by the end of 2020, eToro’s continued expansion meant it was using Trulioo solutions in 22 countries. 

The main advantage of working with Trulioo was its performance and high match rates when eToro expanded into a new market, said Vsevolod Babiev, eToro project management/business analyst team leader.

Benefiting From the Shift to Digital 

The internet has democratized information and increased retail investor participation in global markets. A number of factors have driven that shift to online investing and encouraged more people to get involved: zero-commission investing, fractional shares, low- or zero-interest rates and the overall digitization of services. 

That trend led to rapid growth for eToro. The partnership with Trulioo showed how quickly eToro could expand into a new market and start verifying new customers.

Improving the Onboarding Experience

Trulioo is a key component in eToro’s customer onboarding. The company’s focus is on identity verification creating smooth experiences for customers and reducing manual work for eToro’s Know Your Customer team, Babiev said.

Trulioo has accomplished that, freeing up the eToro team to improve other areas of the business and optimize the platform’s user experience.

About eToro

Founded in 2007, eToro is a social investing platform for traditional assets — such as stocks, exchange-traded funds, commodities and currencies — and cryptoassets such as bitcoin and ether. With a mission to open global markets so everyone can trade and invest in a simple and transparent way, eToro has created a global community of more than 24 million users, from more than 100 countries, who exchange investment strategies, connect and learn about the markets across eToro’s social features.