Trading Platform eToro Going Public via $10 Billion SPAC
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EToro is set to go public through a merger worth over $10 billion dollars that is reportedly backed by banking entrepreneur and chairman of Finch Acquisition Corp V Betsy Cohen, per Reuters.
The deal with FinTech Acquisition Corp V will include a $650 million common share private placement from investors that include Fidelity Management & Research Co LLC, as well as Softbank’s Vision Fund 2 and Wellington Management.
eToro was founded in 2007, but only expanded into the United States in 2018. It has approximately 20 million users across 140 countries, including the United Kingdom, Australia, Germany and Switzerland. Users are able to invest in stocks, exchange-traded funds, as well as cryptocurrencies.
“Consumers all over the world should have access to the tools they need to participate in cryptocurrency markets, regardless of their expertise,” CEO and c0-founder of EToro Yoni Assia said in 2018.
EToro is branded as a “social trading” network. A “Copy People” option allows users to locate people that match their trading and investing needs, according to the website. An “Editor’s Choice” section also presents popular investors that have recently been trading.
