This funding makes eToro worth $3.5 billion, the Israeli social trading network said on Tuesday in its latest financial reports.
eToro has gotten $250 million in fresh money a few months after its unsuccessful attempt to become public through a merger with a special purpose acquisition company (SPAC) called FinTech Acquisition Corps V. This funding makes eToro worth $3.5 billion, the Israeli social trading network said on Tuesday in its latest financial reports.
In February 2021, eToro entered into an Advance Investment Agreement (AIA) to raise funds for its proposed SPAC transaction. The funding round was supported by ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures and other existing investors.
Although the SPAC merger fell through in July, FinTech Acquisition Corp. V announced in November that it would dissolve and liquidate, returning the $250 million to investors.
eToro, an online trading platform, announced decreased commission revenue in their financial results released on Tuesday. The commissions, which totaled $1.23 billion in 2021, dropped to $631 million in 2022.
This is a decrease of 49%. Although the number of funded accounts grew 17% year-over-year to 2.8 million, this was still 5% below 2020 levels. This decline was likely due to the troubles faced by cryptocurrency firms, such as the collapses of Terra-LUNA and FTX, which had a ripple effect on digital asset lenders like Genesis.
