Israel’s eToro, a social investment network and forex broker, announced that it has secured an equity round from the leading Chinese venture capital firm Ping An Ventures, a VC under Ping An Insurance (Group) Company of China, Ltd., the largest non-state owned integrated financial services conglomerate in China and SBT Venture Capital, a fintech focused fund whose main partner is Russia’s largest bank.
This confirms a deal first reported last month in Jewish Business News.
eToro’s current investors, Spark Capital and BRM Group also participated in the round. The new financing also includes a credit facility from Silicon Valley Bank.
This new financing and strategic Investment will enable eToro to accelerate its rapid growth, generate opportunities for expansion into new regions including China and Russia and fast track the roll out of the expected product roadmap.
eToro boasts that it is the world’s leading social investment network, with 4 million registered users in over 140 countries and thousands of new accounts opened each day. The company says that it leads the “social trading revolution” through its community powered network, which enables every investor to see, follow and automatically copy the actions of other investors in real time. eToro declares its mission is to revolutionize the way people access the financial markets and make their trading experience more social, simple, enjoyable and transparent.
“We’re very excited to have two of the largest financial institutions in the world join our company as partners, ” said Yoni Assia, CEO and Co-Founder of eToro. “We look forward to leveraging their deep industry knowledge and expertise with our disruptive vision and product. We share a vision to empower retail investors all over the world to trade and invest in a social and transparent way, and we’re proud to partner with 2 of the largest financial institutions in the world to lead this revolution.”
“When we initially invested in eToro, we saw how it would disrupt the financial markets with its innovative social trading approach, ” said Spark Capital Co-Founder and General Partner Santo Politi.
“eToro has become synonymous with financial innovation among members of Gen Y all over the world, ” says Mircea Mihaescu, Managing Partner of SBT Venture Capital.
“We are extremely impressed with eToro’s vision and the way its social investment platform enables access to global markets while connecting people from across the world, ” says Jiang ZHANG, Director of Ping An Ventures.