eToro buys Aussie investing platform Spaceship
Innovative investing platform has been sold in deal worth up to $80m.
eToro, the Israel-based trading platform that helped pioneer social trading and zero brokerage investing, has expanded its presence in Australia with the purchase of superannuation and investing platform Spaceship.
Known for it's high-performing super funds and managed investing portfolios, Spaceship has acquired more than 200,000 customers and over $1.5 billion in assets under management (AUM) since 2017.
The total value of the sale has not been confirmed, but is believed to be worth up to US$55 million (~$80 million), with much of the value tied in eToro stock.
The deal will be eToro's first foray into the competitive superannuation space, and means users of eToro's popular investing app may soon be able to access Spaceship's readymade portfolios and super funds.
Yoni Assia, eToro CEO and co-founder, said the purchase would help increase eToro's local presence and expand its product offering to Australian users.
"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." he said.
"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."