According to recent reports by Financial Times, Israel-based trading platform eToro is setting its sights on a colossal Initial Public Offering (IPO) in the US, projected to be over $5 billion. EToro rivals Robinhood in the trading platform sector. However, when approached about the reports, a company spokesperson declined to comment on the speculation.
The firm had previously declared an intention to go public via a SPAC, aiming at a jaw-dropping valuation of $10.4 billion in 2021. Unfortunately, these ambitions were shelved in 2022. Regardless, eToro bounced back, landing an impressive $250 million funding in March 2023; consequently, its valuation surged to $3.5 billion.
Founded in 2007, eToro enables clients to trade various assets including stocks, ETFs, and cryptocurrencies. Insiders report that the company may start to list publicly as early as the second quarter in New York city.
Despite a period of quiet in the market, and likely inspired by ServiceTitan’s success story, many more fintech firms are actively considering following suit. Digital bank Chime is one such entity, having filed confidential SEC documents in December.
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