News: EToro to go public through $10.4 billion merger with Betsy Cohen-backed SPAC.
(Reuters) – EToro, a rival of online broker Robinhood, said Tuesday it had agreed to float a merger with a blank check firm backed by banking entrepreneur Betsy Cohen and raise the equity of the combined company valued at $ 10.4 billion.
The deal with FinTech Acquisition Corp V, a special-purpose acquisition company, includes a private placement of $ 650 million by regular investors from leading investors including Softbank’s Vision Fund 2, Fidelity Management & Research Co LLC and Wellington Management.
Founded in 2007, EToro has 20 million registered users who can manually invest in cryptocurrencies, stocks, commodities, exchange-traded funds, and more, while those lacking the time or experience can automatically copy others’ trades on the platform.
Reporting by Noor Zainab Hussain in Bengaluru; Adaptation by Anil D’Silva and Shounak Dasgupta
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