Big Law
Robinhood’s Rival eToro Goes Public With $10.4B Blank Check Merger
London-based investment platform eToro is set to merge with a blank check company after years of speculation about the fintech firm going public.
The company is merging with FinTech Acquisition Corp. V, a Special Purpose Acquisition Company (SPAC). Fintech Acquisition Corp. V is led by Betsy Z. Cohen, founder of The Bancorp, a banking technology firm with assets of $4.4 billion, according to its website.
The SPAC-listing will give eToro a valuation of around $10.4 billion.
The landmark transaction includes commitments for a $650 million private placement from investors including SoftBank Vision Fund 2, ION Investment Group, Third Point LLC, Fidelity Management & Research Company LLC, and Wellington Management.
