eToro is shaking hands with the FinTech platform, Acquisition Corp V. The social trading platform announced on 16 March of going public via collaboration with SPAC FinTech Acquisition Corp. V with a $10.4 billion deal.
After the merger, it is expected to be listed on the Nasdaq exchange. The merger of the companies will be named as eToro Group Ltd. In a written statement, FinTech V chairman Betsy Cohen said that its sponsor Fintech Masala is looking for companies “with outsized growth, effective controls, and excellent management teams.”
She added:
EToro meets all three of these criteria. In the last few years, eToro has solidified its position as the leading online social trading platform outside the U.S., outlined its plans for the U.S. market and diversified its income streams. It is now at an inflection point of growth, and we believe eToro is exceptionally positioned to capitalize on this opportunity.
We’re excited to share that eToro will become publicly traded through a business combination with FinTech Acquisition Corp. V ($FTCV). Info: https://t.co/gVuS14A3Ak — eToro (@eToro) March 16, 2021
EToro currently has over 20 million registered users across 100 countries. With the “vision of opening up capital markets”, the 14-year-old Israeli company expanded its reach by establishing its platform in the US just two years ago. The platform has generated gross revenues of $605 million, adding 5 million new registered users in 2020. The company has highly benefitted from maximizing its platform on a number of happening trends namely the digital wealth platforms, retail participation, and mainstream crypto adoption.
As reported by Yahoo Finance, the trading platform claims to be one of the first regulated platforms to offer crypto-assets. Its platform is regulated in the U.K., Europe, Australia, the U.S., and Gibraltar.
Source: Cointelegraph | Yahoo Finance