eToro boosted by Robinhood's success

Yoni Assia CEO eToro Photo: PR

Investor site Seeking Alpha yesterday tweeted a quote from an investor who described eToro as the 'European Robinhood' and added that it was too cheap.

The merger between Israeli trading platform eToro and US SPAC Fintech Acquisition Corp. V has yet to be completed but the share of the SPAC has been enjoying high demand following the IPO late last month of trading app Robinhood.

Fintech Acquisition Corp. V's share price rose 15.8% on Nasdaq yesterday after Robinhood's share rose 50%. The SPAC's share price is now $12.65, well above the $10 at its IPO.

Investor site Seeking Alpha yesterday tweeted a quote from an investor who described eToro as the 'European Robinhood' and added that it was too cheap.

eToro, headed by cofounder and CEO Yoni Assia, announced its SPAC merger in March as a $9.6 billion enterprise value and valuation of $10.4 billion, including the cash that will be in the company's coffers after the merger. Fintech Acquisition Corp. V and investors like SoftBank, ION, Wellington and Fidelity will inject $650 million into the merged company.

Published by Globes, Israel business news - en.globes.co.il - on August 5, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Yoni Assia CEO eToro Photo: PR
Yoni Assia CEO eToro Photo: PR
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