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Online Broker eToro Added 3.1M New Clients in First Quarter: Report
New registrations jumped by more than 200% to 3.1 million, up from 1 million in the same period last year and 5.2 million for the whole of 2020.
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.
STORY CONTINUES BELOW
Read more: Read more: How eToro Got Ready to Go Public
- 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.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
