- eToro shares certain Q1 2021 results and
audited 2020 results -
eToro Group Ltd. (“eToro” or the “Company”), a multi-asset
investment platform that empowers people to grow their knowledge
and wealth as part of a global community of successful investors,
announced today certain Q1 2021 key performance indicators. This
announcement follows the previously announced planned business
combination with FinTech Acquisition Corp. V (“FTV”). The company
also disclosed audited 2020 financial results.
Yoni Assia, Co-Founder and CEO of eToro, commented: “Last year
was characterized by accelerating retail investor engagement.
Widespread media coverage of the financial markets and more time to
upskill in lockdown encouraged a record number of retail investors
to enter the markets via online investment platforms and apps.
“We saw this trend accelerate in 2021, and the first quarter
continues eToro’s strong track record of growth. eToro saw a 214%
increase in the number of new registrations on the platform
compared to the same period in 2020. This means that eToro welcomed
3.1 million new registered users in the first quarter of 2021. This
compares to 5.2 million new registered users for the full year of
2020.
“eToro is a multi-asset platform, and we noted rising demand
from users for stocks and cryptoassets in the first quarter of this
year. The number of trades on the platform topped 210 million in
Q1, with growth driven predominantly by retail demand for
stocks.
“The crypto bull run at the end of 2020 and beginning of 2021
also highlighted a growing trend towards diversification of
cryptoassets within retail investor portfolios, with some altcoins
increasing in popularity. This year, eToro has added seven new
cryptoassets to the platform to support this increased demand for
diversification and plans to add more.
“It has been a very strong start to 2021, and eToro remains well
positioned to capture a considerable share of a growing global
market.”
Key highlights:
- eToro registered 3.1 million new users in the first quarter of
2021 versus 1 million in the prior-year quarter and 5.2 million for
the full year of 2020.
- The total number of trades executed on eToro’s platform reached
210 million for the quarter, a 233% increase compared to the first
quarter of 2020, driven by strong demand for stocks and
cryptoassets.
- eToro will publish its full interim Q1 2021 financial reports
in the coming weeks.
- eToro plans to launch the eToro Money app and debit card in the
U.K. and E.U. in 2021. The app will connect directly to users’
eToro investment accounts and enable instant deposits and
withdrawals, as well as additional money services.
- Added seven new cryptoassets to meet rising customer demand and
further enhance asset class diversification.
- Dr. Hedva Ber, Israel’s former Banking Supervisor, recently
joined eToro’s senior leadership team as Global COO and Deputy CEO,
alongside Shalom Berkovitz, eToro’s CFO and Deputy CEO, who
oversees the company’s global finance teams as well as eToro’s
activity in the UK, US, and Asia. Dr. Ber will lead eToro's
operational infrastructure, corporate governance, compliance, and
regulatory affairs, legal, risk management and social
responsibility efforts.
eToro’s June 2021 Investor Update can be viewed here.
About eToro
eToro is a multi-asset investment platform that empowers people
to grow their knowledge and wealth as part of a global community of
successful investors. eToro was founded in 2007 with the vision of
opening up the global markets so that everyone can trade and invest
in a simple and transparent way. Today, eToro is a global community
of more than 20 million registered users who share their investment
strategies; and anyone can follow the approaches of those who have
been the most successful. Due to the simplicity of the platform
users can easily buy, hold and sell assets, monitor their portfolio
in real time, and transact whenever they want. https://www.etoro.com/
About FinTech Acquisition Corp. V
FinTech Acquisition Corp. V is a special purpose acquisition
company led by Betsy Z. Cohen as Chairman of the Board, Daniel G.
Cohen, as Chief Executive Officer and James J. McEntee, III as
President formed for the purpose of entering into a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses, with a
focus on the financial technology industry. The company raised
$250,000,000 in its initial public offering in December 2020 and is
listed on the NASDAQ under the symbol “FTCV”.
Cautionary statement regarding forward-looking
statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed business combination between FTV and eToro.
Forward-looking statements may be identified by the use of the
words such as “ estimate,” “plan,” “project,” “forecast,” “intend,”
“expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,”
“opportunity,” “may,” “target,” “should,” “will,” “would,” “will
be,” “will continue,” “will likely result,” or similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements as to the expected
timing, completion and effects of the proposed business
combination; are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of eToro’s and FTV’s management; are not predictions of actual
performance; and are subject to risks and uncertainties. These
forward-looking statements are subject to a number of risks and
uncertainties, including but not limited to: the risk that the
proposed business combination may not be completed in a timely
manner or at all; the failure to satisfy the conditions to the
consummation of the proposed business combination; the occurrence
of any event, change or other circumstance that could give rise to
the termination of the proposed merger agreement; the amount of
redemption requests made by FTV’s public stockholders; the effect
of the announcement or pendency of the proposed business
combination on eToro’s business; risks that the proposed business
combination disrupts current plans and operations of eToro;
potential difficulties in retaining eToro customers and employees;
eToro’s estimates of its financial performance; changes in general
economic or political conditions; changes in the markets in which
the eToro competes; slowdowns in securities trading or shifting
demand for security trading product; the impact of natural
disasters or health epidemics, including the ongoing COVID-19
pandemic; legislative or regulatory changes; the evolving digital
asset market, including the regulation thereof; competition;
conditions related to eToro’s operations in Israel; risks related
to data security and privacy; changes to accounting principles and
guidelines; potential litigation relating to the proposed business
combination; the ability to maintain the listing of eToro’s
securities on the Nasdaq Capital Market; the fact that the price of
eToro’s securities may be volatile; the ability to implement
business plans, and other expectations after the completion of the
proposed business combination; and unexpected costs or expenses.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of FTV’s
registration statement on Form S-1 (File No. 333-249646) (the “Form
S-1”), eToro’s registration statement on Form F-4 (when available)
and other documents if and when filed by eToro or FTV from time to
time with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual events and results could differ
materially from those contained in the forward-looking statements.
There may be additional risks that neither eToro nor FTV presently
know or that eToro and FTV currently believe are immaterial that
could also cause actual events and results to differ. In addition,
forward-looking statements reflect eToro’s and FTV’s expectations,
plans or forecasts of future events and views as of the date of
this press release. eToro and FTV anticipate that subsequent events
and developments will cause eToro’s and FTV’s assessments to
change. While eToro and FTV may elect to update these
forward-looking statements at some point in the future, eToro and
FTV specifically disclaim any obligation to do so, unless required
by applicable law.
No offer or solicitation
This press release is not a proxy statement or solicitation or a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or exchange, or a solicitation of an
offer to buy or exchange, the securities of eToro, FTV or the
combined company, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation, sale or exchange
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Additional information about the business combination and
where to find it
As permitted by the Jumpstart Our Business Startups Act of 2012,
or JOBS Act, the Company has confidentially submitted a draft
registration statement on Form F-4 to the SEC, which includes a
preliminary proxy statement/prospectus that is both the proxy
statement to be distributed to FTV stockholders in connection with
the solicitation of proxies for the vote by the stockholders on the
merger and the prospectus to be delivered by FTV in connection with
the distribution of its securities to such holders. After the
registration statement has been filed and declared effective, FTV
will mail a definitive proxy statement / prospectus to its
stockholders as of the record date established for voting on the
proposed business combination and the other proposals regarding the
proposed business combination set forth in the proxy statement.
eToro or FTV may also file other documents with the SEC
regarding the proposed business combination. Before making any
voting or investment decision, investors and security holders are
urged to carefully read the entire registration statement and proxy
statement / prospectus and any other relevant documents filed with
the SEC, and the definitive versions thereof (when they become
available and including all amendments and supplements
thereto).
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by eToro or FTV through the website
maintained by the SEC at www.sec.gov.
Participants in the solicitation
eToro and FTV and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from stockholders of FTV in connection with the proposed
business combination under the rules of the SEC. FTV’s
stockholders, eToro’s shareholders and other interested persons may
obtain, without charge, more detailed information regarding the
names, affiliations and interests of directors and executive
officers of eToro and FTV in FTV’s Annual Report on Form 10-K for
the year ended December 31, 2020 filed with the SEC on March 30,
2021 or eToro’s Form F-4 (when available), as applicable, as well
as their other filings with the SEC. Other information regarding
persons who may, under the rules of the SEC, be deemed the
participants in the proxy solicitation of FTV’s stockholders in
connection with the proposed business combination and a description
of their direct and indirect interests, by security holdings or
otherwise, will be included in the preliminary proxy statement /
prospectus and will be contained in other relevant materials to be
filed with the SEC regarding the proposed business combination (if
and when they become available). You may obtain free copies of
these documents at the SEC’s website at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210603005562/en/
Public relations PR@etoro.com Investor relations
investors@etoro.com
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