Social trading firm eToro raises $100m
21 March 2018 | 10907 views | 0
Social trading network eToro is set to double down on its work in blockchain-based technologies after raising $100 million in a Series E financing round led China Minsheng Financial.
SBI Group, Korea Investment Partners and The World Wide Investment Company participated in the round, which takes eToro's total capital raised to $162 million.
Founded in 2007, eToro enables participants to see, follow and automatically copy the actions of other investors in real time. It now has a community of over nine million users, receiving over $1 billion in customer deposits in 2017 alone.
The funding will be used to push into new markets but also R&D on blockchain technology and the digitisation of assets. The firm credits demand for investment in the cryptocurrency markets for its strong growth over the last year.
Yoni Assia, CEO, eToro, says: "EToro was built with the vision of democratizing financial markets by making trading and investing accessible to all.
"Since launching, we’ve seen strong customer demand for our approach and today’s announcement is an important milestone in marking the success that we’ve had and signalling a new period of growth and expansion for our business."