eToro announces SPAC merger at $10.4b valuation

eToro is an Israeli social trading and multi-asset brokerage company that focuses on providing financial and copy trading services. It has registered offices in Cyprus, Mexico, the United Kingdom, the United States, and Australia. In 2018, the company's value was $800 million, which tripled to $2.5 billion in 2020. Wikipedia

eToro CEO Yoni Assia said, "We founded eToro with the vision of opening the global market for everyone to trade and invest simply and transparently. Today, eToro is the world's leading social investment network. Our users come to eToro to invest and communicate with each other, to see, follow, and automatically copy successful investors from all around the world. We created a new category of wealth management - social investing - and we are dominating the market as evidenced by our rapid expansion.".

 

FinTech V chair Betsy Cohen said, "As a pioneer in the evolution of SPACs, Fintech Masala, our sponsor platform, seeks out companies with outsized growth, effective controls, and excellent management teams. 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 US, outlined its plans for the US 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.".