eToro Acquires The Australian Investing App Spaceship For $55 Million

eToro, a popular trading and investing platform, has revealed its plans to buy the Australian app Spaceship. The deal is worth up to AUD 80 million ($55 million). It shows that eToro wants to grow in the savings market and focus on long-term investments.

According to the update, this purchase will help eToro become stronger in Australia and expand its savings options worldwide. Spaceship was launched in 2017 and has over 200,000 clients. It manages more than AUD 1.5 billion ($1 billion) in assets through its investment funds.

eToro Aims To Expand Its Savings And Investment Services Worldwide

Yoni Assia, the Chief Executive Officer of eToro, said Spaceship and eToro plan to make investing simple for all. He explained that eToro is growing its saving and investment services for users around the world. Assia believes this acquisition will lead to more agreements in long-term saving.

This deal is eToro’s first important action in the long-term savings and investment market. The company has plans to invest further in this region. Since its start in 2007, eToro has gained over 38 million registered users in 90 different countries.

eToro announced that Spaceship will still operate under its name after the purchase. The firm said its users can access the investment funds provided by Spaceship. Furthermore, Spaceship’s customers now have access to a wide range of eToro’s investment tools.

Spaceship’s Chief Executive Officer, Andrew Moore, noted that the latest deal is very important for the company. He predicts the deal will help Spaceship expand its services to Australia. Moore revealed that this will create new opportunities for success.

The deal still needs approval from regulators and must meet standard closing conditions. Financial details beyond the maximum value of AUD 80 million (up to $55 million) were not shared.

eToro Quarterly Survey Shows Traders Are Moving Towards Stocks Trading

Retail traders are moving away from foreign exchange (FX) investments. According to the update, they are choosing to invest in stocks more often, which helps them build long-term investment portfolios.

The eToro quarterly Retail Investor Beat survey asked 10,000 retail investors in 12 countries about their choices. The survey showed many moved towards stocks instead of cash assets in the third quarter of 2024.

According to the survey, 54% of investors own local stocks, while 36% have international shares. The number of investors in international stocks has grown by 16% from the previous quarter.

To address the rising interest in stocks, eToro broadened its offerings in July. It included over 1,000 UK shares through a new partnership with the London Stock Exchange. This month, eToro revealed a similar agreement with the German stock exchange, giving investors access to 290 local stocks.