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eToro Acquires Australian Investing App Spaceship for Up to $55 Million

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0 47 18 minutes read
etoro-acquires-australian-investing-app-spaceship-for-up-to-$55-million

Thursday, 26/09/2024 | 05:58 GMT by Damian Chmiel

  • The fintech expands its long-term savings offerings and strengthens its presence in Australia.
  • It wants to use Spaceship’s local expertise in superannuation and managed funds.

etoro

eToro announced today (Thursday) it has agreed to acquire Australian investing app Spaceship in a deal valued at up to AUD 80 million ($55 million). With this move, the Israel-based company demonstrates its intention to strengthen its position in the savings sector and focus on more passive, long-term investments

eToro Acquires Spaceship in $55 Million Australian Expansion

The acquisition aims to bolster eToro’s presence in Australia while expanding its long-term savings offerings globally. Spaceship, founded in 2017, has amassed over 200,000 clients and manages more than AUD 1.5 billion AUD ($1 billion) in assets through its superannuation funds and managed investment portfolios.

Yoni Asia, the CEO of eToro

Yoni Asia, the CEO of eToro

“Spaceship and eToro share the goal of making investing accessible for everyone,” said Yoni Assia, CEO and co-founder of eToro. “We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”

The deal marks eToro’s first major move into the long-term savings and investing space. The company is signaling intentions for further acquisitions in this area. Founded in 2007, eToro currently serves over 38 million registered users across 90 countries.

Following the acquisition, Spaceship will continue to operate under its own brand. The companies plan to integrate their offerings, allowing Spaceship clients access to eToro’s investment tools and educational resources, while eToro users will be able to utilize Spaceship’s superannuation and managed funds.

Andrew Moore, CEO of Spaceship

Andrew Moore, CEO of Spaceship

“Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth,” Andrew Moore, CEO of Spaceship, added. “We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”

The acquisition is subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed beyond the maximum potential value of AUD 80 million (up to $55 million).

Investors Want to Trade Stocks

Movement occurs when it becomes apparent that retail traders are moving away from FX investments and increasingly choosing equities, which allow for building more passive and long-term investment and savings portfolios.

The eToro quarterly Retail Investor Beat survey, which polled 10,000 retail investors across 12 countries, revealed a clear shift towards shares and away from cash assets in the third quarter of 2024. Already 54% of investors hold locally listed stocks, while 36% own international shares. Quarter-over-quarter, the number of investors in internationally listed stocks grew by 16%.

Meanwhile, responding to the growing popularity of stocks, eToro expanded its offerings in July by adding over 1,000 UK shares through a new partnership with the London Stock Exchange. This month, the company has formed a similar alliance with the German stock exchange, providing investors access to 290 local stocks.

eToro announced today (Thursday) it has agreed to acquire Australian investing app Spaceship in a deal valued at up to AUD 80 million ($55 million). With this move, the Israel-based company demonstrates its intention to strengthen its position in the savings sector and focus on more passive, long-term investments

eToro Acquires Spaceship in $55 Million Australian Expansion

The acquisition aims to bolster eToro’s presence in Australia while expanding its long-term savings offerings globally. Spaceship, founded in 2017, has amassed over 200,000 clients and manages more than AUD 1.5 billion AUD ($1 billion) in assets through its superannuation funds and managed investment portfolios.

Yoni Asia, the CEO of eToro

Yoni Asia, the CEO of eToro

“Spaceship and eToro share the goal of making investing accessible for everyone,” said Yoni Assia, CEO and co-founder of eToro. “We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”

The deal marks eToro’s first major move into the long-term savings and investing space. The company is signaling intentions for further acquisitions in this area. Founded in 2007, eToro currently serves over 38 million registered users across 90 countries.

Following the acquisition, Spaceship will continue to operate under its own brand. The companies plan to integrate their offerings, allowing Spaceship clients access to eToro’s investment tools and educational resources, while eToro users will be able to utilize Spaceship’s superannuation and managed funds.

Andrew Moore, CEO of Spaceship

Andrew Moore, CEO of Spaceship

“Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth,” Andrew Moore, CEO of Spaceship, added. “We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”

The acquisition is subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed beyond the maximum potential value of AUD 80 million (up to $55 million).

Investors Want to Trade Stocks

Movement occurs when it becomes apparent that retail traders are moving away from FX investments and increasingly choosing equities, which allow for building more passive and long-term investment and savings portfolios.

The eToro quarterly Retail Investor Beat survey, which polled 10,000 retail investors across 12 countries, revealed a clear shift towards shares and away from cash assets in the third quarter of 2024. Already 54% of investors hold locally listed stocks, while 36% own international shares. Quarter-over-quarter, the number of investors in internationally listed stocks grew by 16%.

Meanwhile, responding to the growing popularity of stocks, eToro expanded its offerings in July by adding over 1,000 UK shares through a new partnership with the London Stock Exchange. This month, the company has formed a similar alliance with the German stock exchange, providing investors access to 290 local stocks.

Damian Chmiel

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Damian’s adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

  • 1809 Articles
  • 41 Followers

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