eToro Receives SoftBank Backing And Is Now Set To Go Public

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The last year had witnessed expansions from different spheres of businesses across the world. Blockchain firms expand and develop new products to Fintechs following the same part by crafting investment opportunities with mouthwatering returns. However, according to analysis, the demands for investments surged last year due to the impacts of COVID-19, as many were on the lookout to maximize their little earnings. Hence, a reason why many business platforms and investment spaces like eToro needed to come up with strategic opportunities tailored to helping individuals earn passively.

eToro gets $10 billion funding

eToro, one of the world’s most renowned trading platforms that serve about 20 million users in 140 different countries, is now the latest investment space to witness expansion. The company has now announced that it will be going public via a SPAC merger backed by SoftBank and Betsy Cohen. The merger will value the trading platform at approximately $10 billion, estimated to be sufficient to go public. SoftBank is not the only company backing the Israeli brokerage firm.

It will also receive boosting from Fidelity Management & Research, Wellington Management and Betsy Cohen’s Corp V. The eToro app, founded in 2017, prides itself as one of the world’s leading trading platform since inception. The presence of the platform in the U.S and at least 140 other countries, including the U.K, Germany, and Nigeria, makes the assertion valid.

The platform, which currently allows its users to invest in stocks, cryptocurrencies, and many other traditional & digital assets, is now set to receive a big boost as it will be going public. Robinhood is probably the biggest competitor of the social trading network but is set to change when it goes public, as it will currently outvalue Robinhood.

eToro would be in a world of their own

When eToro started trading in the U.S in 2018, eleven years after it launched, many analysts predicted that the brokerage firm would likely go public afterward. However, almost three years after that time, the social trading platform is now set to go public. eToro will probably be on a world of its own when it eventually goes public, as many more users will flock to the trading platform. The trading company is now expected to launch more innovative trading products tailored to its user’s needs. They will also expect its users to bolster its services, as they believe the company will stick to the ambitions.

Speaking to the press in 2018, Yoni Assa, CEO of eToro, believes that his company is changing the way the world sees investment. He stated that the vision of eToro is to create investment tools that will be accessible to many people across the world, especially those with little or no knowledge. However, as the company is set to go public, the world will be waiting to see what the trading platform hopes to offer the investment-craving world.

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