EToro Group Ltd., the social investment network and Robinhood rival, announced Tuesday that it will be going public through a merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. V FTCV, +16.62%, in a deal that values eToro at about $9.6 billion. FinTech shares soared 17.1% in premarket trading, while futures ES00, +0.30% for the S&P 500 SPX, +0.11% edged up 0.1%. The company is expected to have about $800 million in cash on its balance sheet after closing, which is expected to occur in the third quarter of 2021. The combined company will operate as eToro Group Ltd. and will be listed on the Nasdaq exchange. EToro said it added more than 5 million new registered users in 2020 and revenue for the year rose 147% to $605 million. “Momentum is accelerating in 2021 as a new generation of investors discover the global markets,” eToro said.
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