eToro Group Expands with Acquisition of Spaceship

September 27, 2024 05:28 PM AEST | By Team Kalkine Media

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eToro Group Expands with Acquisition of Spaceship — Image source: shutterstock

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Highlights

eToro set to acquire fintech firm Spaceship for up to $80 million.

Spaceship manages over $1.5 billion in client funds.

The acquisition aims to enhance eToro's long-term investment offerings.

eToro Group Ltd, a global trading platform, has reached a deal to acquire superannuation fintech Spaceship, backed by Atlassian (NASDAQ:TEAM) CEO Mike Cannon-Brookes. The acquisition, potentially valued at $80 million once eToro lists publicly, is set to strengthen eToro's position in the long-term investment and savings sector.

Spaceship, which has grown its client base to more than 200,000 and manages over $1.5 billion in assets since its launch in 2017, offers significant value to eToro’s expansion strategy. Despite recent scrutiny from ASIC regarding its suitability for certain investors, both Spaceship and eToro are confident that compliance measures have been improved.

Andrew Moore, CEO of Spaceship, and Robert Francis, managing director of eToro Australia, addressed concerns, noting that the issues with ASIC have been resolved and both companies are focused on delivering accessible investment solutions.

eToro's CEO and co-founder Yoni Assia emphasized that both companies share a mission of making investing more accessible to the public. “Together, eToro and Spaceship can enhance our long-term savings and investment offerings, providing tools and resources to help people grow their wealth,” Assia said.

The acquisition will eventually allow Spaceship clients to access eToro's investment tools and educational resources, while eToro users will benefit from Spaceship’s managed funds and superannuation products. This move aligns with eToro’s broader goal of expanding its offerings to support investors throughout their financial journeys.

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