Digital investing giant eToro has reportedly raised $250m in a funding round that values the brokerage at $3.5bn.
ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures and others participated in the funding round, according to a report from Reuters.
eToro had planned to merge with a blank-check company, which would have given the FinTech company an $8.8bn valuation. The special purpose acquisition company, FinTech Acquisition Corp V was backed by Betsy Cohen and was liquidated.
eToro is a retail investing platform that allows users to trade and invest
Late last year, eToro acquired portfolio management provider Bullsheet for an undisclosed fee. Bullsheet offers portfolio management tools which enable eToro users to analyse the diversification of their portfolio, in addition to a suite of other tools designed specifically for eToro users.
As part of the deal, eToro will integrate Bullsheet’s offering into its own platform.
Last year, the company also received an ‘In-Principle Approval’ to operate as a securities, derivatives and crypto broker in Abu Dhabi. This approval for a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), means eToro will establish a base to offer its services to customers across the region.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global