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EToro's Spac deal falls through

EToro's Spac deal falls through

Online investment platform eToro and blank cheque company FinTech Acquisition Corp V have pulled the plug on their planned $10.4 billion Spac deal.

Announced last March, the deal was supposed to see eToro list on Nasdaq but conditions were not met by the 30 June deadline. Neither party will be required to pay the other a termination fee.

At the time, eToro was one of a wave of fintech firms looking to public via Spacs but the technique has seen its popularity take a dive thanks, in part, to regulatory changes.

Betsy Cohen, chairman of FinTech V says the "transaction has been rendered impracticable due to circumstances outside of either party’s control".

Founded in 2007 as a "social investment network" with the aim of opening up capital markets to the masses, eToro lets users trade a host of assets, from fractional equities to crypto.

Despite the onset of a crypto winter, eToro CEO Yoni Assia says that the company's underlying business remains healthy and "our balance sheet is strong".


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