Multi-asset social broker based in Israel, eToro, revealed a 47 percent decrease in revenue for the year ending on December 31, 2022, compared to 2021, with revenue amounting to $1.2 billion.

The financial report by eToro also showed a significant drop in assets under administration (AUA) for the 2022 fiscal year, which declined by approximately 54% compared to the previous year, reaching $5.8 billion from $10.7 billion.

Despite these financial challenges, the broker increased its customer base by the end of 2022, with 31.4 million users and 2.8 million funded accounts, surpassing 27 million and 2.4 million from the previous year.

In 2022, eToro made headlines by completing a $250 million funding round at a valuation of $3.5 billion. The company had initially planned to go public but decided against it, partly due to uncertainties and trade challenges related to SPAC listings.

Additionally, eToro is reportedly discussing securing approximately $1 billion in private funding rounds, which would value the company at $5 billion to $6 billion.

"Our 2023-2025 strategy is to expand our business in key markets by focusing on increasing profitability through increasing volatility and controlling costs," commented Yoni Assia, CEO and co-founder of eToro.

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