Trading FinTech eToro is planning to go public in the US via a SPAC.
In Brief:
It will merge with FinTech Acquisition Corp. V.
The agreed valuation is $10.4bn.
Its most recent revenues are over $600mn.
What does this mean?
A special purpose acquisition company (SPAC) is an increasingly popular way for FinTechs to go public without an IPO. It’s also common for European FinTechs like eToro to list in the US. The business has seen significant growth through the pandemic, adding 5mn new registered users to a total of 20mn.
