eToro expanding in Australia with $55 million acquisition of investment app Spaceship
eToro expanding in Australia with $55 million acquisition of investment app Spaceship
Besides strengthening eToro’s footprint in Australia, the acquisition will bring superannuation into its portfolio as the company expands its long-term savings proposition globally.
Israeli-founded trading and investing platform eToro has announced that it is acquiring Australian investing app Spaceship for $80 million Australian dollars, approximately $55 million.
Besides strengthening eToro’s footprint in Australia, the acquisition will bring superannuation into its portfolio as the company expands its long-term savings proposition globally. Spaceship customers will eventually gain access to eToro’s investment multi-asset platform, which offers equities, funds, ETFs, commodities and crypto.
“Spaceship and eToro share the goal of making investing accessible for everyone,” said Yoni Assia, CEO and Co-founder of eToro. “Like us, they look to the future and we are excited to welcome their team and their clients into the eToro family. 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.
“We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. Our mission is to give people the tools and knowledge they need to grow their wealth. To do this we must continue to build out our offering, so that we can support people throughout their investing lives. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”
eToro is weighing an initial public offering in New York or London, Assia told the Financial Times in March. The company had tried to go public through a merger with a blank-check firm in 2021 in a $10.4 billion deal, but abandoned that deal a year later.
eToro completed its last funding round in March of 2023, raising $250 million at a $3.5 billion valuation. The founding round was led by ION Group and Softbank's Vision Fund 2, and included participation by Velvet Sea Ventures, and a number of other existing investors.
Since launching in 2017, Spaceship has acquired more than 200,000 clients and surpassed $1.5 billion AUD in funds under management. The company’s core offering includes a choice of superannuation funds, which fall under Spaceship Super, and a selection of professionally managed investment portfolios, under Spaceship Voyager.
Andrew Moore, CEO of Spaceship said: “Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth.”
