eToro, the trading and investing platform, has entered into an agreement to acquire the Australian investing app Spaceship in a deal worth up to $80 million AUD.
The acquisition will strengthen eToro’s footprint in a key market for the business, while also broadening its product offering as the company expands its long-term savings proposition globally.
Since launching in 2017, Spaceship has acquired more than 200,000 clients and surpassed $1.5 billion AUD in funds under management. The company’s core offering includes a choice of superannuation funds, which fall under Spaceship Super, and a selection of professionally managed investment portfolios, under Spaceship Voyager.
Yoni Assia, CEO and Co-founder of eToro, said: “Spaceship and eToro share the goal of making investing accessible for everyone. Like us, they look to the future and we are excited to welcome their team and their clients into the eToro family. With almost two decades’ of experience building, innovating and serving clients around the world, I believe that together eToro and Spaceship can take our offering for Australian users to the next level.”
Assa said that eToro was expanding its long-term savings and investing proposition for our eToro globally and that the Australian acquisition is a key step on this journey. eToro’s plan is to give people the tools and knowledge they need to grow their wealth, Assa explained.
“To do this we must continue to build out our offering, so that we can support people throughout their investing lives,” Assa 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.”
Spaceship clients will continue to be served by the Spaceship brand. In the future, Spaceship clients will have the chance to access eToro’s products, investment tools and educational resources, whilst eToro users will get easy access to Spaceship’s superannuation and managed funds.
Andrew Moore, CEO of Spaceship said: “Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth. We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
Founded in 2007, eToro is a trading and investing platform with over 38 million registered users from 90 countries. The company is authorised and supervised by regulatory authorities in jurisdictions around the world including the Australian Securities and Investments Commission (ASIC).
