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EToro's going public via a SPAC

EToro announced that it's going public via Betsy Cohen's SPAC. The deal values the combined company at $10.4 billion.

The brokerage is popular outside the U.S., with more than 20 million registered users and 27 million trades per month in 2020. Amid the GameStop chaos in January, that surged to 75 million trades. It had revenue of $605 million last year and brought in an adjusted profit of $95 million.

EToro and Fintech Acquisition Corp. V, the SPAC, expect the deal to close in the third quarter of this year.

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