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eToro Considers Public Listing

Feb 26, 2024 - financemagnates.com
eToro, a leading stock brokerage platform, is considering a public market listing, according to CEO Yoni Assia. This follows the company's decision to abandon plans for a public listing through a SPAC merger. Assia highlighted eToro's strong ties with exchanges, particularly the Nasdaq, and reported revenues of $630 million in 2023. The company also disclosed its acquisition of Deep, a content automation specialist, as part of its strategy to leverage AI technologies in content and marketing.

Despite initial plans for a SPAC merger falling through, eToro secured $250 million in funding in March 2023, backed by SoftBank Vision Fund 2, ION Investment Group, and Velvet Sea Ventures. Assia remains optimistic about 2024, anticipating improved market conditions and potential interest rate adjustments by the US Federal Reserve. Throughout 2023, eToro focused on product enhancements, including advanced trading experiences and technical analysis features for its users.

Key takeaways:

  • eToro, the stock brokerage platform, is considering a public market listing after abandoning its plans for a merger with a blank-check company.
  • The company reported revenues of $630 million in 2023 and disclosed over $100 million in EBITDA, demonstrating a strong margin for a retail brokerage business.
  • eToro is focusing on AI integration, particularly in investing and trading functionalities, and has acquired a company specializing in content automation, Deep.
  • Despite challenges in the financial technology sector, eToro secured $250 million in funding in March 2023 and remains optimistic about market conditions in 2024.
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