The deal with FinTech Acquisition Corp. V will value the combined company at about $10 billion, the people said, asking not to be identified because the matter is private. The companies are raising about $650 million in equity to support the deal, which could be announced as soon as Tuesday, they said.
Representatives for eToro and FinTech Acquisition V declined to comment.
The company became a member of the U.S. Financial Industry Regulatory Authority Inc., or FINRA, in the last year and is expected to start providing stock trading service in the U.S. in 2021, the people said.
eToro has 20 million registered users in dozens of countries, according to its website. Founded in 2007, it expanded into the U.S. in 2018.
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.
EToro Plans $10B Merger With Betsy Cohen SPAC
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EToro, a rival to
Robinhood Markets Inc., plans to go public via a merger with a blank-check firm 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 Tuesday confirming a Bloomberg report. The companies are raising about $650 million in equity to support the deal.
EToro became a member of the
U.S. Financial Industry Regulatory Authority Inc., or Finra, in the last year and is expected to start providing stock-trading service in the U.S. in the second half of 2021, according to the statement.