eToro Track to Go Public through Betsy Cohen SPAC Merger
Mar 16 2021 · 15:04 UTC by Benjamin Godfrey · 3 min read
Photo: Depositphotos
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eToro will look to boost its business, drawing on its different revenue generation in relation to its major rivals.
Israeli social trading platform eToro is reportedly set to go public through a potential merger with a Special Purpose Acquisition Company (SPAC) dubbed FinTech Acquisition Corp. V (NASDAQ: FTCV). As reported by Bloomberg citing sources close to the deal, the acquisition vehicle lead is by renowned serial dealmaker Betsy Cohen and the merger between both firms will value them at a $10.4 billion valuation.
One of the world’s leading online trading platforms is to list its shares in New York via a $10 billion “blank cheque” merger after signing up millions more users during the pandemic.Plans for eToro
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Trading platform eToro, a rival to Robinhood Markets, plans to go public via a merger with a blank-cheque company led by serial dealmaker Betsy Cohen.
The agreement with FinTech Acquisition Corp V values the combined company at about $10.4 billion, according to a statement on Tuesday. The companies are raising about $650 million in equity to support the deal.
Investors in the equity transaction included ION Investment Group, Softbank Vision Fund II, Third Point, Fidelity Management & Research and Wellington Management, the statement shows.
The company became a member of the US Financial Industry Regulatory Authority, or Finra, in the last year and is expected to start providing stock-trading services in the US in the second half of 2021, according to the statement.
Online trading firm eToro going public in more than $10 billion SPAC deal ktvz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ktvz.com Daily Mail and Mail on Sunday newspapers.
eToro Goes the SPAC Route
Posted on 03/16/2021
eToro Group Ltd. is a Bnei Brak, Israel-based no-fee trading app. eToro raised US$ 150 million in venture capital funding from investors like Spark Capital, China Minsheng Financial, SBI Holdings, Bracket Capital, Korea Investment Partners, DCG, Ping An Insurance, Anthemis Group, and CommerzVentures. eToro had US$ 605 million in revenue for 2020 and 18.7 million registered users. In 2013, Bitcoin was introduced in eToro. In 2016, eToro had 5.6 million registered users. eToro was founded in 2007 by Yoni Assia and Ronen Assia. In 2019, eToro launched zero commission stock trades. Upon closing of the transaction, the combined company will operate as eToro Group Ltd. and is expected to be listed on NASDAQ.