eToro Reports Revenue of $630M in 2023 and Plans to Go Public

Israel-based multi-asset trading and investing platform eToro reported revenue of $630 million in the full year of 2023, almost unchanged from the prior year’s $631 million. The company’s EBITDA for the year exceeded $100 million, marking a significant margin for a retail brokerage business.

Currently, the broker has 35.5 million registered users and more than 3 million funded accounts. Client assets under management reached $10 billion in 2023.

Looking ahead, eToro is considering an IPO.

“We definitely are eyeing the public markets. I definitely see us becoming eventually a public company,” said CEO Yoni Assia. “When is the ideal time to do that? We’re always evaluating the right opportunity at the right time and the right market”.

This comes after the company scrapped plans to go public through a merger with a special purpose acquisition company (SPAC) , which would have valued the company at $8.8 billion.

The brokerage firm has well-established relationships with exchanges such as the Nasdaq Stock Exchange, Assia revealed.