$80 Million Spaceship Acquisition by Israeli Trading Giant eToro
Israeli-founded trading titan eToro just made a big move, scooping up the Aussie investing app Spaceship for a cool $80 million Australian dollars—about $55 million US.
Since launching in 2017, Spaceship has bagged over 200,000 clients, amassing over $1.5 billion AUD in funds under management. The company’s core offerings? Their Spaceship Super, boasting top-notch superannuation funds, and Spaceship Voyager, which flaunts professionally managed investment portfolios.
“Joining forces with eToro is a pivotal moment for Spaceship,” Spaceship CEO Andrew Moore said. “It’s going to turbocharge our momentum in Australia and unlock a ton of new growth opportunities.”
Expanding Footprints Down Under
Besides beefing up eToro’s Australian presence, this acquisition tacks superannuation onto its expanding global portfolio. Think of it as eToro doubling down on its long-term savings game. Eventually, Spaceship customers will dive into eToro’s multi-asset platform, brimming with equities, funds, ETFs, commodities, and even crypto.
A Vision of Accessible Investing
Both companies share a key goal: democratizing investing. Yoni Assia, CEO and Co-founder of eToro, gave his two cents, "Spaceship and eToro share the goal of making investing accessible for everyone. We look to the future and are stoked to welcome their team and clients into the eToro family."
From Down Under to Global
Assia elaborated, “We’ve got almost two decades of experience building, innovating, and serving clients globally. Together with Spaceship, we can elevate our offerings for Aussie users.” Assia also hinted at this deal being merely the opening act. "Our mission is to arm people with the tools and knowledge to grow their wealth,” he said. “This acquisition is a massive step in that journey.”
Funding and IPO Aspirations
Now, let’s talk money. eToro wrapped up its latest funding round in March 2023, bagging $250 million at a $3.5 billion valuation. ION Group and Softbank’s Vision Fund 2 led the charge, with Velvet Sea Ventures and other loyal investors hopping on the bandwagon.
And there’s more. eToro has its eyes set on an initial public offering, possibly in New York or London. The company had tried going public via a 2021 merger with a blank-check firm in a hefty $10.4 billion deal but bailed a year later.
A Step Toward Long-Term Investment
This acquisition is a huge leap for eToro’s long-term investment scheme. The platform isn’t just about day trading; it’s gunning for comprehensive financial growth, offering support throughout an investor’s life. The Spaceship deal aims to set the tone for future takeovers in the savings and investing arena as eToro expands its offerings across key markets.
Glossary of Terms
| Term | Definition |
|---|---|
| Superannuation | A regular payment made into a fund by an employee towards a future pension. |
| ETFs | Exchange-traded funds that are similar to mutual funds but trade on an exchange like a stock. |
| IPOs | Initial Public Offerings, the process through which a private company offers shares to the public for the first time. |
Quick Facts
- Deal Value: $80 million AUD (~$55 million USD)
- Spaceship Clients: 200,000+
- Funds Under Management: $1.5 billion AUD
- Latest eToro Funding Round: $250 million at a $3.5 billion valuation
Links for Further Info
In essence, eToro’s snagging of Spaceship isn’t just news—it’s a harbinger. With a deep bench and growing resources, they’re set on redefining investing, one acquisition at a time. Keep an eye out, because this is bound to stir up some serious waves in the finance world.
