Yoni Assia, co-founder and CEO, eToro Doron Letzter (eToro pic)
eToro, the Israeli company that offers its clients a trading platform, has been forced to lower its initial public offering IPO expectation by 15%, from a previous expected valuation of as much as $10.4 billion down to just $8.8 billion. Betsy Cohen-backed blank-check company FinTech Acquisition Corp V, the SPAC firm that is merging with eToro for the purpose of the IPO, revealed in an SEC filing that the required closing conditions for the deal by December 31, and hence had extended the deadline to June 30, 2022.
In September, eToro was forced to inform the SEC that it needed to delay the long planned IPO, which had been expected to come that month.
Founded in 2007 by CEO Yoni Assia and his brother Ronen Assia, eToro calls itself the world’s leading social trading network, with millions of registered users and an array of innovative trading and investment tools. The company declares its main goal is to remove barriers and make online trading and investing more accessible to the everyday user.
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“Whenever people join eToro,” says the firm, “we aim to make them feel a part of the platform from the very beginning. Moreover, we realize that many people use multiple platforms to manage their capital online, which is why we are constantly expanding our product offering to eventually include all of your financial needs under one roof.”
The eToro platform and app offer a variety of financial assets in which to trade and invest and is used by people in 140 countries.
In 2020 alone eToro doubled its revenue to 4500 million, becoming profitable. It also added 5 million new users last year and just celebrated reaching the milestone number of 20 million users. The increase in revenue for its investments platform is credited by analysts to the Coronavirus crisis. This may be why it has doubled in expected value in the last three months.
