Crypto-friendly broker eToro valued at $3.5 billion

The investment platform eToro has obtained a funding from 250 million dollars which propels its valuation à 3.5 billion dollars.

eTorowhich last summer cancelled plans to merge with an SPAC to go public, has raised 250 million to a valuation from 3.5 billion dollarsreports Techcrunch.

The transaction, which includes the participation of ION Group, Social Leverage, SoftBank and Spark Capital, is not a traditional financing round. It is a advanced investment agreement (Advanced Investment Agreement), a deal in which one or more investors pay in advance for shares allocated at a later date.

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According to Techcrunch, eToro had signed the agreement in early 2021 to have a backup in case its merger with SPAC failed.

The Israeli broker, which offers investment services in a variety of assets, including stocks and cryptocurrencies, will leverage the funding to accelerate its expansion, particularly in the US.

Last month, the platform was awarded a license to offer crypto services in the state of New York. It has also held a PSAN registration in France since June 2022.

Valued at $800 million in its last funding round in 2018, the company expected to get a valuation of around $10 billion from its IPO. That ended up being nearly three times less than expected.

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