eToro must initially put the IPO via SPAC on hold

Yesterday, Tuesday, the acquisition special purpose vehicle FinTech Acquisition Corp. V announced that the takeover of the Israeli crypto exchange eToro for the purpose of an IPO via SPAC has now been put on hold by mutual agreement. Betsy Cohen, Chair of FinTech V, explains:

“eToro continues to be one of the world's leading trading platforms, proven in the marketplace and continuing to show strong growth. We are disappointed that the transaction did not materialize due to external circumstances beyond the control of either party. We wish [Managing Director] Yoni and his team continued success.”

Last year, eToro and Fintech V announced their proposed acquisition via SPAC, with the deal reportedly worth a whopping $10 billion. However, eToro is now arguably running into financial troubles related to the ongoing bear market. In order to remedy this imbalance , the trading platform wants to collect investment capital between 800 million and 1 billion US dollars.

Meanwhile, publicly traded acquisition vehicle Fintech V, whose entire purpose is to merge with a private company so that it can also achieve “publicly traded” status, has $250 million in reserves.

Yoni Assia, Managing Director of eToro, emphasizes that his company is still healthy in the face of the failed takeover:

“Our financial situation continues to be good and we will continue to balance growth and profitability in a meaningful way in the future. We ended Q2 2022 with nearly 2.7m active accounts, a 12% increase from the end of 2021. This shows that our customer acquisition and customer retention continue to improve.”

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