eToro takes growth story public through a $10 billion de-Spac
The Israeli fintech grew fast through the pandemic turmoil. As it prepares a full launch in the US, it will be listed on Nasdaq, but not through an IPO.
Yoni Assia co-founded eToro, which he describes as the world’s leading social investing network, in 2007 with his brother Ronen. Yoni was just 26 years old.
Their idea was to win over young and tech-savvy investors with cheaper and simpler ways to buy into equites, commodities, currencies and, later, cryptoassets than an account with a traditional brokerage firm.
Most new users are aged in their early 30s when they join eToro, with an average account size of around $1,000.
While eToro does offer commission-free direct stock dealing to individuals – and earns most of its revenue from the spread on executing these trades rather than in payment for order flow from the biggest market makers – few new users start on eToro with a funded brokerage account.