Media reports have emerged about the global investment platform eToro’s possible merger with a blank-check firm led by Betsy Cohen. Bloomberg reported that if eToro merges with FinTech Acquisition Corp. V, the value of the two companies combined will reach $10 billion.
Bloomberg’s report noted that the companies are raising around $650 million in equity to support the merger.
Representatives of both companies have declined to comment at this time. However, the publication stated that an official announcement may follow soon.
Founded in 2007, eToro has become one of the major trading platforms in Europe, seen as a rival of Robinhood. The Israeli platform has 20 million registered users in dozens of countries.
Fintech Acquisition Corp V is part of Special-purpose acquisition companies (SPACs), also known as black “blank check companies”, led by well-known business person Betsy Cohen. Fintech Acquisition Corp V went public in December 2020 and raised $250 million. The share price of SPAC rose 40% on Monday after the news of a possible deal with eToro.
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