On Thursday, social trading and investing platform eToro announced that it will acquire Spaceship, a popular Australian investing app.
eToro to Acquire Australian Investing App Spaceship
The deal, valued at up to AUD 80 million, is expected to strengthen eToro’s presence in the Australian market and expand its long-term savings offerings globally.
Spaceship, founded in 2017, has garnered a significant following with over 200,000 clients and manages more than AUD 1.5 billion in funds. The company offers a range of investment products, including superannuation funds and managed portfolios.
“Spaceship and eToro share the goal of making investing accessible for everyone,” said Yoni Assia, CEO and Co-founder of eToro. “With almost two decades’ of experience building, innovating and serving clients around the world, I believe that together eToro and Spaceship can take our offering for Australian users to the next level.”
Assia also highlighted the potential for growth and innovation through the combination of eToro’s global experience and Spaceship’s strong Australian presence.
Andrew Moore, CEO of Spaceship, echoed Assia’s sentiment, noting the alignment between the two companies’ goals and the opportunities for expansion.
“Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth,” he stated.
Moore also emphasised the continued commitment to providing top-tier value to Spaceship clients while leveraging the benefits of the partnership with eToro.
The acquisition will allow Spaceship clients to access eToro’s investment tools and educational resources in the future, while eToro users will have easier access to Spaceship’s superannuation and managed funds.
