EToro will go public through a $ 10.4 billion merger with Betsy Cohen-backed SPAC

(Reuters) – EToro, a rival to online brokerage Robinhood, said on Tuesday it agreed to go public through a merger with a blank check firm backed by banking entrepreneur Betsy Cohen, valuing the combined firm’s assets at $ 10. 4 billion.

Agreement with FinTech Acquisition Corp V, a special purpose acquisition company, will include $ 650 million private placement of common stock from leading investors including Softbank’s Vision Fund 2, Fidelity Management & Research Co LLC and Wellington Management.

Founded in 2007, eToro has 20 million registered users who can manually invest in cryptocurrencies, stocks, commodities, exchange traded funds and more, while those without the time or experience can automatically copy the trades of others on the platform.

Reportage by Noor Zainab Hussain in Bengaluru; Editing by Anil D’Silva and Shounak Dasgupta