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EToro nears $10bn merger with Betsy Cohen SPAC
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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.
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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.
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