Israel’s eToro, a social investment network and forex broker, is close to finalizing a $15 million investment from Chinese insurance giant Ping An and Russia’s largest bank, Sberbank according to a report in the Wall Street Journal.
The news comes only one month after eToro first began offering clients the ability to trade in China and Russia in both Yuan and Rubles.
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Until now the company has raised a total of $33.9 million in funding from 12 different investors including Cubit Investments and BRM Capital. Its last round of investment cam in March 2012 when the firm brought in $15 million.
eToro states that it encourages people to connect with one another to discuss, trade, invest, learn and share knowledge across the network. From now on, it says, people can copy the traders you like with a “click” of a button.
Through the award winning eToro OpenBook and WebTrader platforms, over 1.75 million traders are empowered to learn from each other, share live trading information and even capitalize on their collective trading power thanks to the CopyTrader feature. These same traders can also use eToro’s social trading services on the go, with eToro’s Mobile Trader for Android, iPhone and Blackberry.
The company was founded in 2007 and is headed by Israeli brothers Yoni and Ronen Assia. Yoni, the CEO, told the Times of Israel, “. “We’re now the largest social investment network in the world. We’re proud of having built a big international company that caters to people from all over the world.”
Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Company” or the “Group”) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to adopt a shareholding structure. Today, it has developed into a personal integrated financial services group with three core businesses of insurance, banking and investment, enjoying parallel growth of its traditional and non-traditional financial businesses. The Group’s shares are listed on the Hong Kong Stock Exchange and on the Shanghai Stock Exchange.
