Israel-based online trading and investing platform eToro has announced that it’s preparing to go public through a merger with SPAC FinTech Acquisition Corp. V in a $10.4 billion deal.
The company said that the transaction will close in the third quarter. The merged company will operate under the name of ‘eToro Group Ltd.’ and it is expected to be listed on Nasdaq.
“Today marks a momentous milestone for eToro as we embark on our journey to become a publicly-traded company with Betsy Cohen and the team at FinTech V.” said Yoni Assia, the Chief Executive Officer of eToro. “I want to express my gratitude for the passion, hard work, drive and determination of all of the eToro team members over the past 14 years who have helped make this a reality.”
The Robinhood-rival eToro was founded in 2006 in Tel Aviv by Yoni Assia, Ronen Assia and David Ring on a “vision of opening up capital markets”. It currently has headquarters in London, Limassol and Tel-Aviv-Yafo.
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The online trading platform has over 20 million registered users from more than 100 countries. It added over 5 million new users and generated $605 million in revenues with a 147% Y/Y growth.
Thanks to its rapid growth, the platform executed over 75 million trades and gained 1.2 million new users in January 2021 alone.