FinTech Acquisition Corp. V (FTCV) To Merge With Digital Brokerage eToro – Stock Shoots Up By 15%! Mar 16, 2021 08:59 EDT
Social trading and multi-asset brokerage firm eToro has announced its decision to merge with a special purpose acquisition company (SPAC) FinTech Acquisition Corp. V (FTCV). The deal envisions the new entity to have a market value of $10.5 billion and a $650 investment from private investors. Shares of FTCV have jumped by as much as 16% in pre-market today, making the announcement a rare instance of retail investor interest in non-EV SPACs.
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eToro Cites 18.7 Million Registered Investors, $1 Billion In Revenue By Year-End To Woo Investors
(Reuters) - EToro, a rival of online brokerage Robinhood, said on Tuesday it had agreed to go public through a merger with a blank-check firm backed b.
eToro, a London-based no-fee trading app, agreed to go public at an implied $10.4 billion valuation, via acquisition by FinTech Acquisition Corp. V (Nasdaq: FTCV).Why it matters: This could help set an IPO price range for rival Robinhood, whose filing was temporarily delayed by February's GameStop debacle. eToro, a 13-year-old company that expanded into the U.S. in 2018, claims to have more "registered users" than Robinhood has "customers," but we don't yet have active user comps.Get market news worthy of your time with Axios Markets. Subscribe for free.Details: FTCV, chaired by Betsy Cohen, will contribute $250 million. The deal also includes a $650 million PIPE from ION Investment Group, SoftBank, Third Point, Fidelity and Wellington Management.History: eToro raised around $150 million in VC funding, from firms like Spark Capital, China Minsheng Financial, SBI Holdings, Bracket Capital, Korea Investment Partners, DCG, Ping An Insurance, Anthemis Group an
Read more about eToro to go public through $10.4-bn SPAC deal backed by SoftBank, others on Business Standard. eToro competes with Robinhood, which has become hugely popular with young investors for its easy-to-use interface