eToro Forex Broker Plans IPO After SPAC Merger Cancellation
Following the cancellation of its SPAC merger plans, eToro is now exploring the possibility of a public listing. The company's CEO has been involved in discussions regarding eToro's strong performance and future strategic direction.
Forex broker eToro is considering a move towards a public listing following the cancellation of a planned SPAC merger. CEO Yoni Assia discussed the development in a recent CNBC interview, highlighting significant interest from bankers and investors.
Despite the setback of the aborted SPAC deal, forex broker eToro maintains an optimistic outlook. With a user base of approximately 35.5 million, the platform anticipates generating revenue of $630 million by 2023, strengthening its position as one of the world's leading online trading platforms.
Notably, this FCA-regulated broker announced impressive EBITDA of nearly $100 million, underscoring the strong performance of its retail brokerage division.
eToro's primary focus lies on integrating artificial intelligence (AI) to enhance the trading experience for its broad user base. A recent partnership with Deep, a software development company, underscores the broker's commitment to AI integration.
Amid market challenges and fluctuating interest rates, eToro remains resilient, having managed to secure financial support, including a $250 million investment. Assia CEO remains optimistic about prospects for 2024.
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