eToro Bets $231M on TradeZero to Accelerate Its U.S. Push
eToro has agreed to acquire U.S.-focused brokerage TradeZero in a cash-and-stock deal worth up to $231 million, as it looks to strengthen its position in the highly competitive U.S. trading market. TradeZero brings a technology platform and highly engaged active-trader customer base that could help eToro move beyond its traditional reputation as a platform for more casual investors. The acquisition comes as eToro’s second-quarter net trading income jumped 24% to $141.6 million, driven largely by stronger equities activity. The deal is also part of a broader diversification push as weaker crypto trading has created pressure on one of eToro’s historically important revenue streams. By combining eToro’s global customer base with TradeZero’s active-trading capabilities, the company could accelerate the rollout of more sophisticated products for U.S. investors. The transaction therefore represents more than a simple brokerage acquisition—it signals eToro’s ambition to become a broader, full-service global trading platform.
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Insight of the Day
Agentic Commerce: Who Gets To Transact
This paper examen is who is building the bridge between capable agents and checkout pages that were never designed to talk to them, what they are building, and where the returns in this cycle are most likely to accrue.
The short version: the enablement layer is not one market. It is four overlapping problems being solved by different categories of companies, with different return profiles and different timelines. Access (can the agent reach the checkout?) is the most tractable and closest to being solved. Identity (can the agent prove it is acting on behalf of a verified human with spending authority?) is harder because it sits between parties with conflicting incentives. Settlement (can the transaction complete, with the right money moving to the right place?) is being rebuilt from scratch for a signal environment that traditional payment rails were not designed for. And governance (who is liable when something goes wrong?) is not a technical problem at all, which means the companies that succeed in this cycle will be the ones who design around a legal regime that does not yet exist.
Agentic commerce is not a single state. It exists along a spectrum of autonomous commerce, and where we sit on that spectrum today is largely determined by what the enablement layer already supports and what it does not. In the current state, agents assist. You ask a chatbot for a recommendation on noise-cancelling headphones that cost less than $300. The model either draws on its training data or performs a web search to compare specs, and surfaces three or four options. You read the output, click a link, and buy it yourself on the retailer’s site. The agent managed the research. You managed the shopping. This is already mainstream. Roughly 49% of AI-assisted shoppers said they would consider a different brand or product if an AI assistant recommended it.1 But calling this agentic commerce is generous. The agent is a better search engine. The transaction still runs on human rails.
Further down the road is where things will get genuinely interesting. Agents fill carts, apply discount codes, navigate checkout flows, enter shipping details, and complete payments.
Market makers and high-frequency trading firms are one of the oldest examples of agent-to-agent commerce. Firms like Citadel Securities, and Two Sigma deploy algorithms that quote, lift, and hit prices on exchanges in microseconds. The interaction between a market-making algorithm and an order-routing algorithm from a broker is genuinely agent-to-agent: no human approves individual trades.
Programmatic advertising is another agent-to-agent negotiation happening today. When you load a webpage, a buyer-side agent bids against other agents in an auction run by a supply-side platform. Major players are involved: The Trade Desk, as well as Google’s DV360 and Microsoft’s Xandr.
Curated News
💳 Payments
Brazil’s Pix Eyes International Expansion
Brazil’s central bank is looking to expand Pix internationally as trade scrutiny from the U.S. intensifies. The push could further establish Pix as an influential instant-payments system beyond Brazil.
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Thredd Helps Cashi Launch Stablecoin Card
Thredd is supporting Cashi with the launch of a stablecoin-powered card programme. The initiative brings stablecoins closer to everyday card spending and highlights the convergence of digital assets and traditional payments.
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UstarPay Launches App and Virtual Card for USDT Spending
UstarPay has announced an app and virtual card supporting USDT deposits and real-world spending. The launch expands the ways users can move stablecoins into everyday payments.
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Venmo Adds a New Way to Pay on Google Play
Venmo is introducing a new way for users to pay for purchases on Google Play. The integration expands Venmo’s reach into digital commerce and everyday consumer payments.
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🏦 Banking
Revolut Secures French Banking Licence
Revolut has secured a banking licence in France, strengthening its position as it expands its European banking operations. The milestone marks another step in the fintech’s evolution from challenger app into a more fully regulated banking institution.
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Palmer Luckey-Backed Bank Targets $1.5B Raise
A start-up bank backed by Palmer Luckey is reportedly preparing to raise $1.5 billion. The planned funding would give the new banking venture substantial capital to build its operations.
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Police Federal Credit Union Modernizes Digital Banking
Police Federal Credit Union is modernizing its digital banking experience through Mahalo’s Thoughtful Banking platform. The move reflects continued investment by credit unions in modern digital infrastructure.
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Banking’s Next AI Risk: Cyber Autonomy
The financial sector is facing a new cybersecurity concern as AI systems become increasingly autonomous. The development highlights how banks must prepare for threats that can operate at greater speed and scale than traditional cyberattacks.
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💼 Fintech
Amex Ventures Invests in Autonomous Finance Startup Fazeshift
Amex Ventures has invested in Fazeshift, an autonomous finance startup. The investment highlights growing interest in technology that can automate financial workflows and decision-making.
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InsurTech Funding Hits Four-Year High as AI Dominates
InsurTech funding has reached a four-year high, with AI companies capturing 99% of investment. The figures underline how strongly artificial intelligence is reshaping investor interest across insurance technology.
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MoneyLion Veterans Launch Wealth Platform Astraeus
Former MoneyLion executives have launched Astraeus, a new wealth management platform. The venture adds another technology-driven challenger to the increasingly competitive wealth management market.
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Mastercard Names Yasemin Bedir as EEMEA President
Mastercard has appointed Yasemin Bedir as president of its Eastern Europe, Middle East and Africa region. The leadership change comes as the payments giant continues developing its presence across a diverse and rapidly evolving market.
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TMX Investor Solutions Partners With Optio Incentives
TMX Investor Solutions has announced a strategic technology collaboration with Optio Incentives. The partnership brings together financial market infrastructure and technology to support investment-related workflows.
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🪙 Crypto
UK MPs Challenge Banks Over Crypto Access
UK MPs are challenging banks over their refusal to provide services to cryptocurrency companies. The dispute highlights the continuing tension between traditional financial institutions and the growing crypto industry.
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Bitget Commits $300M to Crypto Trading Firms
Bitget plans to commit $300 million to crypto trading firms. The investment could provide significant new capital to professional digital-asset market participants.
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Strategy Sells Bitcoin as Its Crypto Strategy Evolves
Strategy has begun selling Bitcoin, raising questions about a major shift in its long-running Bitcoin accumulation strategy. The development is notable given the company’s prominent role as a corporate Bitcoin holder.
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📈 WealthTech
Nasdaq Moves Toward Always-On Markets With LeveL Markets Deal
Nasdaq has signed a definitive agreement to acquire LeveL Markets as it advances its strategy for always-on markets. The transaction points toward the continued evolution of market infrastructure beyond traditional trading hours.
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MoneyLion Veterans Launch Astraeus Wealth Platform
Astraeus, founded by former MoneyLion executives, is entering the wealth management market with a technology-driven platform. The launch reflects continued competition to modernize how wealth services are delivered.
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Aviva Expands Financial Institutions Underwriting Across the UK
Aviva is expanding its financial institutions underwriting capability across UK regions. The move broadens its insurance offering for financial-sector clients.
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⚖️ Regulation
Brits Lose Money After Following Social Media Financial Advice
More than half of surveyed Brits reportedly lost money after acting on financial advice found through social media. The findings highlight growing concerns around the reliability of online financial influencers and investment content.
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🌍 Other
Sea Reports 48% Revenue Growth in Q2
Sea reported a 48% increase in second-quarter revenue, while net income rose 11%. The results point to continued growth across the technology group’s businesses.
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