Trading platform eToro, which plans to become publicly traded through a merger with a special purpose acquisition company (SPAC), saw a 200% surge in new users in the first three months of the year.
- The number of users Israel-based eToro climbed by 3.1 million in the first-quarter, up from 1 million in the year-earlier period and 5.2 million for the whole of 2020, according to a Financial News report.
- The company has around 20 million registered users in total and plans to go public by merging with FinTech Acquisition Corp. V, led by Betsy Cohen. The combined entity will have an implied equity value of about $10.4 billion, reflecting an implied enterprise value for eToro of about $9.6 billion.
- The combined company will operate as eToro Group Ltd. and be listed on the Nasdaq.
- In its U.S. Securities and Exchange Commission draft registration statement, eToro said the merger is expected to be completed in the third quarter subject to shareholder and regulatory approval.