A new A-list IPO is bound to cause major waves (and FOMO feels) in the FinTech world — the Israel-based investment platform eToro is going public via a SPAC, by merging with the Betsy Cohen-backed blank check company Fintech Acquisition Corp. V. Following the Nasdaq listing, eToro is expected to reach a valuation of around $10.4b.
You will probably know eToro from all the YouTube ads that you end up skipping (“Let me guess… you’re too busy to watch this ad” – yes Alec Baldwin, I am!). The broker grew massively over the last few years, reaching five million new users in 2020 alone and $1.5t in trading volumes! FYI, crypto trading played a huge part in the leap.
BUT, things haven’t always been rosy for eToro — it has suffered from numerous outages and has a Trustpilot score of only 2.2!