Reports on Monday evening stated that trading platform, eToro, plans to go public via a merger with blank cheque firm FinTech Acquisition Corp (NASDAQ: FTCV), led by Betsy Cohen.
According to its sources, Bloomberg said that the deal will value the combined company at about $10 billion, with the companies raising around $650 million in equity to support the agreement.
The deal could be announced as soon as Tuesday the 16th of March.
eToro is expected to begin providing stock trading services in the US in 2021 after becoming a member of the U.S. Financial Regulatory Authority Inc (FINRA) last year. They currently have over 20 million users in various countries, with many more waiting to join.
The company has a strong social trading aspect to its platform that allows users to copy other traders positions onto their own account.
Recently, users online have complained about delays in verifying their account applications following the recent surge in stock and cryptocurrency trading.
FinTeh Acquisition Corp V shares are up 27.2% premarket. They closed Monday’s session at $10.71.
