eToro Seeks $3.5 Billion Valuation and Considers U.S. IPO

Israeli-based forex broker eToro is seeking a valuation of more than $3.5 billion and sees the U.S. as a potential destination for its stock listing, according to the Financial Times.

Yoni Assia, CEO of eToro, told the FT that the retail trading platform is considering an initial public offering (IPO) in New York or London. He added that listing in the U.S. allows the company to reach a wider range of investors than listing on the U.K. market.

Assia told the FT that he was "exploring the right timing" for eToro to debut on the stock market and was expecting its valuation to be higher than the $3.5 billion it raised last time. The company had raised $250 million in 2023 from investors such as ION Group and SoftBank Vision Fund 2.

"We continue to evaluate the right timing and market for a future listing," the company stated.

Prior to the IPO, eToro and FinTech Acquisition, a blank check company backed by Betsy Cohen, mutually agreed to terminate the merger deal through the special purpose acquisition company (SPAC) in 2022, canceling its earlier IPO plan.

(Source: Reuters)