Total commissions of $347 million for Q1 2021,
up 141% compared with Q1 2020
eToro Group Ltd (“eToro” or “the company”), a multi-asset
investment platform that empowers people to grow their knowledge
and wealth as part of a global community of successful investors,
announced today its first quarter 2021 interim financial
results.
Highlights for the quarter ended March 31, 2021:
- 3.1m new registered users, up 214% compared to Q1 2020
- total commissions of $347 million, up 141% compared with Q1
2020
- net trading income of $269 million, up 72% compared with Q1
2020
- at 31 March 2021 assets under administration were $8.4
billion.
“One of the key stories of 2020 was the rise in retail
participation in capital markets driven by low interest rates,
increased digital adoption and widespread coverage of stimulus
efforts and market volatility. This trend has accelerated in 2021
and is reflected in our very strong results for the first quarter.”
commented Yoni Assia, Co-Founder and CEO of eToro.
Shalom Berkovitz, CFO and Deputy CEO, said: “3.1 million
new registered users joined the eToro platform this quarter, a 214%
increase compared to the same period last year. This increase in
users and an increase in trading activity resulted in total
commissions of $347 million in the first quarter of 2021, up 141%
from the first quarter of 2020. Total commissions are comprised of
commissions from trading activity, interest and other charges. They
are a key performance indicator for eToro.”
Yoni Assia added: “As a multi-asset investment platform,
eToro offers clients a choice of which asset classes to invest in
from commission free stocks through to crypto, and a choice in how
to invest. You can trade directly yourself, copy another investor
or invest in any of eToro’s portfolios. eToro is built around
social collaboration and financial education and has created a
thriving community where users can connect, share, and learn.
“eToro’s mission is to empower people to grow their knowledge
and wealth and we see our platform as a bridge between the old
world of investing and the new. As we grow our presence worldwide
and further diversify our product offering, eToro is well
positioned to capture a large share of a growing global
market.”
Shalom Berkovitz concluded: “eToro’s focus is on growth
rather than short term profitability. We are therefore investing
heavily in scaling our business and income is being reinvested in
our marketing channels and in the continued expansion of our
product offering and global footprint. Year-over-year comparisons
in net income and Adjusted EBITDA were therefore impacted by
stepped up marketing spend, which has a high return on investment.
Adjusted EBITDA was $30 million and net income was $5 million, down
57% and 91% compared with Q1 2020 respectively.”
eToro’s latest Investor Presentation can be viewed on eToro’s
Investor Relations page.
About eToro
eToro is a multi-asset investment platform that empowers people
to grow their knowledge and wealth as part of a global community of
successful investors. eToro was founded in 2007 with the vision of
opening up the global markets so that everyone can trade and invest
in a simple and transparent way. Today, eToro is a global community
of more than 20 million registered users who share their investment
strategies; and anyone can follow the approaches of those who have
been the most successful. Due to the simplicity of the platform
users can easily buy, hold and sell assets, monitor their portfolio
in real time, and transact whenever they want.
https://www.etoro.com/
About FinTech Acquisition Corp. V
FinTech Acquisition Corp. V is a special purpose acquisition
company led by Betsy Z. Cohen as Chairman of the Board, Daniel G.
Cohen, as Chief Executive Officer and James J. McEntee, III as
President formed for the purpose of entering into a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses, with a
focus on the financial technology industry. The company raised
$250,000,000 in its initial public offering in December 2020 and is
listed on the NASDAQ under the symbol “FTCV”.
Cautionary statement regarding forward-looking
statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed business combination between FinTech Acquisition Corp.
V (“Fintech V”) and eToro Group Ltd., and the business and
operations of eToro. Forward-looking statements may be identified
by the use of the words such as “ estimate,” “plan,” “project,”
“forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,”
“strategy,” “future,” “opportunity,” “may,” “target,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
or similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements as to the expected timing, completion and effects of the
proposed business combination, eToro’s present and future plans for
its business and operations and eToro’s expectations as to market
results and conditions; are based on various assumptions, whether
or not identified in this press release, and on the current
expectations of eToro’s and FinTech V’s management; are not
predictions of actual performance; and are subject to risks and
uncertainties. These forward-looking statements are subject to a
number of risks and uncertainties, including but not limited to:
the risk that the proposed business combination may not be
completed in a timely manner or at all; the failure to satisfy the
conditions to the consummation of the proposed business
combination; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
proposed merger agreement; the amount of redemption requests made
by FinTech V’s public stockholders; the effect of the announcement
or pendency of the proposed business combination on eToro’s
business; risks that the proposed business combination disrupts
current plans and operations of eToro; potential difficulties in
retaining eToro customers and employees; eToro’s estimates of its
financial performance; changes in general economic or political
conditions; changes in the markets in which the eToro competes;
slowdowns in securities trading or shifting demand for security
trading product; the impact of natural disasters or health
epidemics, including the ongoing COVID-19 pandemic; legislative or
regulatory changes; the evolving digital asset market, including
the regulation thereof; competition; conditions related to eToro’s
operations in Israel; risks related to data security and privacy;
changes to accounting principles and guidelines; potential
litigation relating to the proposed business combination; the
ability to maintain the listing of eToro’s securities on the Nasdaq
Capital Market; the fact that the price of eToro’s securities may
be volatile; the ability to implement business plans, and other
expectations after the completion of the proposed business
combination; and unexpected costs or expenses. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of FinTech V’s registration statement
on Form S-1 (File No. 333-249646) (the “Form S-1”), eToro’s
registration statement on Form F-4 (when available) and other
documents if and when filed by eToro or FinTech V from time to time
with the SEC. If any of these risks materialize or our assumptions
prove incorrect, actual events and results could differ materially
from those contained in the forward-looking statements. There may
be additional risks that neither eToro nor FinTech V presently know
or that eToro and FinTech V currently believe are immaterial that
could also cause actual events and results to differ. In addition,
forward-looking statements reflect eToro’s and FinTech V’s
expectations, plans or forecasts of future events and views as of
the date of this press release. eToro and FinTech V anticipate that
subsequent events and developments will cause eToro’s and FinTech
V’s assessments to change. While eToro and FinTech V may elect to
update these forward-looking statements at some point in the
future, eToro and FinTech V specifically disclaim any obligation to
do so, unless required by applicable law.
No offer or solicitation
This press release is not a proxy statement or solicitation or a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or exchange, or a solicitation of an
offer to buy or exchange, the securities of eToro, FinTech V or the
combined company, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation, sale or exchange
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Additional information about the business combination and
where to find it
As permitted by the Jumpstart Our Business Startups Act of 2012,
or JOBS Act, the Company has confidentially submitted a draft
registration statement on Form F-4 to the SEC, which includes a
preliminary proxy statement/prospectus that is both the proxy
statement to be distributed to FinTech V stockholders in connection
with the solicitation of proxies for the vote by the stockholders
on the merger and the prospectus to be delivered by FinTech V in
connection with the distribution of its securities to such holders.
After the registration statement has been filed and declared
effective, FinTech V will mail a definitive proxy statement /
prospectus to its stockholders as of the record date established
for voting on the proposed business combination and the other
proposals regarding the proposed business combination set forth in
the proxy statement. eToro or FinTech V may also file other
documents with the SEC regarding the proposed business combination.
Before making any voting or investment decision, investors and
security holders are urged to carefully read the entire
registration statement and proxy statement / prospectus and any
other relevant documents filed with the SEC, and the definitive
versions thereof (when they become available and including all
amendments and supplements thereto).
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by eToro or FinTech V through the
website maintained by the SEC at www.sec.gov.
Participants in the solicitation
eToro and FinTech V and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from stockholders of FinTech V in connection with the
proposed business combination under the rules of the SEC. FinTech
V’s stockholders, eToro’s shareholders and other interested persons
may obtain, without charge, more detailed information regarding the
names, affiliations and interests of directors and executive
officers of eToro and FinTech V in FinTech V’s Annual Report on
Form 10-K for the year ended December 31, 2020 filed with the SEC
on March 30, 2021 or eToro’s Form F-4 (when available), as
applicable, as well as their other filings with the SEC. Other
information regarding persons who may, under the rules of the SEC,
be deemed the participants in the proxy solicitation of FinTech V’s
stockholders in connection with the proposed business combination
and a description of their direct and indirect interests, by
security holdings or otherwise, will be included in the preliminary
proxy statement / prospectus and will be contained in other
relevant materials to be filed with the SEC regarding the proposed
business combination (if and when they become available). You may
obtain free copies of these documents at the SEC’s website at
www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210629005553/en/
Public relations PR@etoro.com
Investor relations investors@etoro.com
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