2 Min Read
(Reuters) - Online stock brokerage eToro said on Tuesday it will go public through a merger with a blank-check firm backed by banking entrepreneur Betsy Cohen in a $10.4 billion deal, with investment from SoftBank’s Vision Fund 2.
EToro competes with Robinhood, which has become hugely popular with young investors for its easy-to-use interface. Robinhood has emerged as a gateway for amateur traders challenging Wall Street hedge funds.
The deal with FinTech Acquisition Corp V, a special purpose acquisition company, will include a $650 investment from investors including Fidelity Management & Research Co LLC and Wellington Management.
Founded in 2007, eToro has 20 million registered users who can manually invest in cryptocurrencies, stocks, commodities and more, while those who lack time or experience can automatically copy the trades of others on the platform.
Date
Company expected to have an estimated implied equity value of approximately $10.4 billion
Global multi-asset investment platform capitalizing on secular trends: rise of digital wealth platforms, growing retail participation, and mainstream crypto adoption
In 2020, eToro added over 5 million new registered users and generated gross revenues of $605 million
Added over 1.2 million new registered users and executed more than 75 million trades in January 2021 alone
Transaction includes commitments for a $650 million common share private placement from leading investors including ION Investment Group, Softbank Vision Fund 2, Third Point LLC, Fidelity Management & Research Company LLC, and Wellington Management.
Investor call scheduled for March 16, 2021 at 8:00 AM Eastern
Click HERE to find out ⭐ Social Investment Network eToro to Go Public in SPAC Deal Via FinTech Acquisition Corp. V, Valuation Pegged at $10.4 Billion. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.