Social investment platform eToro is boosting its presence in the US after inking a definitive agreement to buy options trading app Gatsby for around $50 million.
EToro filed with the SEC for regulatory approval in December but has now secured the all clear from Finra to proceed with the deal for Gatsby, a commission-free options and stock trading app focused on young users.
Co-CEOs and co-founders Jeff Myers and Ryan Belanger-Saleh will become part of eToro alongside a host of other senior staffers.
EToro says the acquisition will diversify its offering to US users, which is currently focused on crypto and stocks.
Yoni Assia, CEO, eToro, says: "Scaling our US business is a strategic focus for eToro and through Gatsby we can provide US users with access to a safe and simple way to trade options, which we know are particularly attractive in challenging markets."
Last month eToro pulled the plug on its planned $10.4 billion Spac deal with blank cheque company FinTech Acquisition Corp V.
Announced last March, the deal was supposed to see eToro list on Nasdaq but conditions were not met by the 30 June deadline.